Economic Analysis of Power Grid Interconnections Among Europe, North-East Asia, and North America With 100% Renewable Energy Generation

Cong Wu; Xiao-ping Zhang; Michael J. H. Sterling

doi:10.1109/OAJPE.2021.3085776

Economic Analysis of Power Grid Interconnections Among Europe, North-East Asia, and North America With 100% Renewable Energy Generation

Cong Wu, Xiao-ping Zhang, Michael J. H. Sterling

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Abstract

In this paper, we investigate whether the interconnection of power grids with 100% renewable energy generation can bring greater economic benefits now that the technology exists for high power, long distance Ultra High Voltage Direct Current transmission. Based on multi-year historical weather data and demand series, this study compares eight interconnection schemes for three regional grids in Europe, North-East Asia, and North America where there is around 8-hour time difference between any of the two regions. Sensitivity analyses are presented with respect to infrastructure capital cost and different weather year which show that interconnection yields a reduction of approximately 18% in the total annual system cost. The results in this paper also indicate that the regional levelized cost of electricity (LCOE) drops by 31%, 10%, and 10% for Europe, North-East Asia and North America, respectively. It is concluded that there is a strong incentive through both annual cost saving and regional LCOE drop in favour of full long-distance interconnections between the three regions in the context of the international drive towards a net-zero strategy.

Original language	English
Pages (from-to)	268-280
Journal	IEEE Open Access Journal of Power and Energy
Volume	8
DOIs	https://doi.org/10.1109/OAJPE.2021.3085776
Publication status	Published - 3 Jun 2021

Keywords

Transcontinental electricity interconnection
ultra high voltage direct current (UHVDC)
renewable energy sources
electricity storage
economic analysis
time difference dependent complementary characteristics
sensitivity analysis

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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Economic_Analysis_of_Power_Grid_Interconnections_Among_Europe_North-East_Asia_and_North_America_With_100_Renewable_Energy_GenerationFinal published version, 2.88 MBLicence: Creative Commons: Attribution (CC BY)

https://ieeexplore.ieee.org/document/9446182/

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Multi-scale ANalysis for Facilities for Energy STorage (Manifest)
Ding, Y., Radcliffe, J., Zhang, X. & Li, Y.
Engineering & Physical Science Research Council
30/09/16 → 29/09/21
Project: Research Councils

Cite this

@article{e49f9ea65ae1459baa1f1423e24fd5e3,

title = "Economic Analysis of Power Grid Interconnections Among Europe, North-East Asia, and North America With 100% Renewable Energy Generation",

abstract = "In this paper, we investigate whether the interconnection of power grids with 100% renewable energy generation can bring greater economic benefits now that the technology exists for high power, long distance Ultra High Voltage Direct Current transmission. Based on multi-year historical weather data and demand series, this study compares eight interconnection schemes for three regional grids in Europe, North-East Asia, and North America where there is around 8-hour time difference between any of the two regions. Sensitivity analyses are presented with respect to infrastructure capital cost and different weather year which show that interconnection yields a reduction of approximately 18% in the total annual system cost. The results in this paper also indicate that the regional levelized cost of electricity (LCOE) drops by 31%, 10%, and 10% for Europe, North-East Asia and North America, respectively. It is concluded that there is a strong incentive through both annual cost saving and regional LCOE drop in favour of full long-distance interconnections between the three regions in the context of the international drive towards a net-zero strategy.",

keywords = "Transcontinental electricity interconnection, ultra high voltage direct current (UHVDC), renewable energy sources, electricity storage, economic analysis, time difference dependent complementary characteristics, sensitivity analysis",

author = "Cong Wu and Xiao-ping Zhang and Sterling, {Michael J. H.}",

year = "2021",

month = jun,

day = "3",

doi = "10.1109/OAJPE.2021.3085776",

language = "English",

volume = "8",

pages = "268--280",

journal = "IEEE Open Access Journal of Power and Energy",

issn = "2687-7910",

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TY - JOUR

T1 - Economic Analysis of Power Grid Interconnections Among Europe, North-East Asia, and North America With 100% Renewable Energy Generation

AU - Wu, Cong

AU - Zhang, Xiao-ping

AU - Sterling, Michael J. H.

PY - 2021/6/3

Y1 - 2021/6/3

N2 - In this paper, we investigate whether the interconnection of power grids with 100% renewable energy generation can bring greater economic benefits now that the technology exists for high power, long distance Ultra High Voltage Direct Current transmission. Based on multi-year historical weather data and demand series, this study compares eight interconnection schemes for three regional grids in Europe, North-East Asia, and North America where there is around 8-hour time difference between any of the two regions. Sensitivity analyses are presented with respect to infrastructure capital cost and different weather year which show that interconnection yields a reduction of approximately 18% in the total annual system cost. The results in this paper also indicate that the regional levelized cost of electricity (LCOE) drops by 31%, 10%, and 10% for Europe, North-East Asia and North America, respectively. It is concluded that there is a strong incentive through both annual cost saving and regional LCOE drop in favour of full long-distance interconnections between the three regions in the context of the international drive towards a net-zero strategy.

AB - In this paper, we investigate whether the interconnection of power grids with 100% renewable energy generation can bring greater economic benefits now that the technology exists for high power, long distance Ultra High Voltage Direct Current transmission. Based on multi-year historical weather data and demand series, this study compares eight interconnection schemes for three regional grids in Europe, North-East Asia, and North America where there is around 8-hour time difference between any of the two regions. Sensitivity analyses are presented with respect to infrastructure capital cost and different weather year which show that interconnection yields a reduction of approximately 18% in the total annual system cost. The results in this paper also indicate that the regional levelized cost of electricity (LCOE) drops by 31%, 10%, and 10% for Europe, North-East Asia and North America, respectively. It is concluded that there is a strong incentive through both annual cost saving and regional LCOE drop in favour of full long-distance interconnections between the three regions in the context of the international drive towards a net-zero strategy.

KW - Transcontinental electricity interconnection

KW - ultra high voltage direct current (UHVDC)

KW - renewable energy sources

KW - electricity storage

KW - economic analysis

KW - time difference dependent complementary characteristics

KW - sensitivity analysis

U2 - 10.1109/OAJPE.2021.3085776

DO - 10.1109/OAJPE.2021.3085776

M3 - Article

VL - 8

SP - 268

EP - 280

JO - IEEE Open Access Journal of Power and Energy

JF - IEEE Open Access Journal of Power and Energy

SN - 2687-7910

ER -

Economic Analysis of Power Grid Interconnections Among Europe, North-East Asia, and North America With 100% Renewable Energy Generation

Abstract

Keywords

UN SDGs

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Multi-scale ANalysis for Facilities for Energy STorage (Manifest)

Cite this