Resource Adequacy and Capital Cost Considerations Pertaining to Large Electric Grids Powered by Wind, Solar, Storage, Gas, and Nuclear
The capacity and generation of wind, solar, storage, nuclear, and gas are estimated for large, idealized copper-plate electric grids. Wind and solar penetrations of 30% to 80% are considered together with different storage systems such as vanadium and lithium-ion batteries, pumped hydroelectric, compressed air, and hydrogen. In addition to a baseline dispatchable fleet without wind/solar, two bounding cases with wind/solar are analyzed: one without storage and one where the whole wind/solar fleet is connected to the storage system, hence providing a buffer between the wind/solar fleet and the grid. The reality will likely be somewhere between these bounding cases. The viability of a power grid with a large wind/solar penetration and no storage is not guaranteed but was nonetheless considered to provide a lower-bound capital cost estimate. Overall, the options that rely strongly on wind, solar, and storage could be significantly more capital-intensive than those that rely strongly on nuclear, depending on the amount of storage necessary to ensure grid stability. This is especially true in the long run because wind, solar, and storage assets have shorter lifetimes than nuclear plants and, consequently, need to be replaced more frequently. More analyses (e.g., grid stability and public acceptance) are necessary to determine which option is most likely to provide the path of least resistance to powering a clean, affordable, and reliable grid in a timely manner. Depending on the priorities, the path of least resistance may not necessarily be the one that is less capital intensive.