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Alternative Adequacy Indicators to Complement the LOLE in Power Systems with a Large Share of Renewable Energy Sources
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This paper reviews the uses and estimation methodologies for the Value of Lost Load (VoLL) in European electricity markets. VoLL is defined by the Clean Energy Package as a €/MWh estimate of the maximum electricity price that customers are willing to pay (WTP) to avoid an outage. As European energy markets continue to strive to improve competition, quality, reliability and efficiency, while integrating greater shares of renewable energy, estimating key market parameters such as the VoLL becomes increasingly important. Recent EU regulation is to be adopted requiring regulators and Transmission System Operators to estimate and publish VoLL based on a clear and transparent methodology.
The basic objective of composite generation and transmission system adequacy assessment (HL2) is to evaluate the ability of the system to satisfy the load and energy requirements at the major load points. This evaluation domain involves the joint reliability problem of generating sources and transmission facilities and is sometimes called bulk system analysis. Although this activity came much later than comparably significant developments in HL1 evaluation, considerable effort has been devoted to this area over the last 25 years.(1–7)
The primary function of an electric power system is to provide electrical energy to its customers as economically as possible and with an acceptable degree of continuity and quality. Modern society has come to expect that the supply of electrical energy will be continuously available on demand. This is not possible due to random failures of equipment and the system, which are generally outside the control of power system personnel. Electricity supply generally involves a very complex and highly integrated system. Failures in any part of it can cause interruptions which range from inconveniencing a small number of local residents, to major and widespread catastrophic disruptions of supply. The economic impact of these outages is not restricted to loss of revenue by the utility or loss of energy utilization by the customer but include indirect costs imposed on society and the environment due to the outage. In the case of the 1977 New York blackout, the total costs of the blackouts were suggested to be as high as $350 million, which 84% was attributed to indirect costs.(1)
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