Economics Assignment: Integration of Renewable Energy Resources in Malaysia
Question
Task:
Write a detailed economics assignment presenting a literature review based on your research assessment below:
Select an area of study that interests you from within your academic discipline.
- Within that area, what research questions do you hope to answer? (Be as specific as possible. You can select one or as many subareas as you want.)
Renewable Energy Storage Devices
- What are the various methods to store access energy produced by renewable energy resources that can be implemented in Malaysia?
- What are the cost implications of adding energy storage to Malaysian renewable energy plants?
- Formulate the objectives of your study.
- What, in your opinion, is the relevance of this study to theory and practice? How will your study contribute to the existing knowledge?
The purpose of this study is to enumerate the different types of energy storage methods available and to identify the most adaptable methods with regards to renewable energy sources in Malaysia. The study will also attempt to suggest a cost evaluation of such an undertaking.
Malaysia is resource rich with solar energy. The government has embarked on Large Scale Solar schemes, resulting in an increase of photovoltaic plants and their capacities. However, a large portion of the energy generated by these plants have gone to waste since the energy exported is capped according to the Power Purchase Agreement (PPA) between the Single Buyer and the plant developer.
This excess energy generated can be used to solve the intermittency problem solar energy plants face and can also help to further reduce the dependency on the electrical grid which is fossil fuel driven. This can be done by releasing the stored energy produced by photovoltaic plants to cater to peak energy demands and also to be effectively utilized during low energy production times.
Answer
Introduction
The storage of renewable energy is important as with the massive increase in population there is an increase in the growth of renewable energy sources. The research on economics assignment illustrates that these are the energy that are stored and plays a substantial role within the integration of the renewable resources in Malaysia. The purpose of this essay is to identify the different methods and adaptability of those methods for the storage of renewable energy.
Discussion
Methods to store renewable energy implemented in Malaysia
Some of the renewable energy sources that are being implemented for Malaysia are,
Pumped hydro storage: The most impactful characteristic of this storage system is its high storage capacities and however, it consists of certain limitation such as low energy density along with a high capital cost. As opined by Andro?ec, (2017), It is a structure of 2 water reservoirs at differing altitudes that could create electricity when water flows through one reservoir to another (discharge) and via a turbine. Electricity is also required by the system as it pushes water again into the top reservoir (recharge). PSH functions equivalent to a massive battery in that it could store energy and then discharge it when required. The "Pumped Storage Hydropower" video from the Department of Energy shows how pumped storing works.
Lead-acid batteries: This storage technology is considered to be uncomplicated storage technology for using certain liquid electrolytes that are considered both the negative and positive poles. These lead-acid batteries are being recognized as characteristics through the “slow charging”, “low cost” and having “low depth of discharge”.
Lithium-ion batteries: Lithium-ion batteries are the technology that is being composed of positive electrodes, as these are usually manufactured from graphite. Moreover, because of its fast reaction, modular construction, and flexibility in deployment, batteries have a high possibility for usage in grid-level energy storage technologies. Lithium-ion batteries (LIBs) have a better energy efficiency, a long lifetime, and a relatively high-power density when compared to other rechargeable batteries. These are also considered to be within the two electrodes, and are the technologies that are being characterized by "high efficiency", "high energy density", and also having a "longer lifetime" with huge costs (Laajimi & Go, 2019).
Hybrid flow batteries: This storage technology uses two electro active parts; this is considered to be Zinc-Bromide batteries. These batteries are considered to be the most common that are being used among every hybrid flow battery. The main advantages of the usage of these storage batteries are having low energy consumption and also having complete depth within the discharge. Thus, Zinc-Bromide batteries are the solutions that can have the lowest cost compared to the other electrochemical storage devices.
Redox flow batteries: This storage is based on the abilities of vanadium from existing within different valence of states. The main characteristics of “vanadium flow batteries' ', are the complete ones that are deep with discharge, longer lifetime, and are also having unlimited up-gradation of capabilities.
Sodium-sulphur batteries: This storage battery is considered to be composed of sodium electrodes, as the electrode and the “ceramic solid electrolyte”. Thus, the main focus was considered to be upon the high density and high costs that are being compared with the storage services.
Identify the most adaptable methods with regards to renewable energy sources in Malaysia
As per the views of Laajimi, & Go, (2021), Malaysia is now considered to the most capable country of using the large-scale grid of renewable energy sources that are connected to the solar PV system. These are being widely considered to deploy across the world. Moreover, this has been recognized to be able to upscale the systems by encountering various technical challenges that are due to “intermittent supply” and “harmonious grid integration”. This helps in maximizing the full potential that is involved within the systems.
As opined by Sciencedirect. (2022), the demands are maximum as this technology helps in connecting the energy storages to grid-tied PV within the battery storage systems that are being taken into consideration by "Malaysian electricity tariffs' '. The tariff rates in Malaysia varies as it has the highest demand for the energy storage. These storages are considered by the electricity tariffs as these are the key factors that affect maximum demands for the reduction of the PV batteries. As suggested by Laajimi, & Go, (2021), these had been considered to review all important grid codes that are referred to improvise these grids.
Cost implications of adding energy storage to energy plants of Malaysia
As determined by Sci-Hub, (2022), it has been analyzed that the cost benefits of the implementation of energy storage in the energy plants of Malaysia helps the customer for using it to its full potentials. These also represent in having Levelized costs that are of the electricity which are considered to be within electricity for different battery storage techniques. Thus, the cost-effectiveness of any electrical project is based on the net present cost (NPC) and LCOE.
However, certain challenges are being considered to be involved within the renewable energy storage devices, high capital costs, and location dependency. These are considered as being of low energy density, large capacity and are also dependent on high capital costs of installation of the electrical projects. The high costs of redox batteries are due to the cost of “Vanadium”. This also is considered with having advantages for including the easy scaling and rapid responses of time and responding no to minimum self-discharge. The storage parameters are being considered to be based upon the “location dependency”, “technologies”, “storage capacity”, “lifetime”, “self-discharge” as these are “optimum operating temperatures” and “capital costs”. Thus, the study highlights high initiates of costs and also low prices of electricity that are considered within additional barriers that are recognized within the renewable energy storage devices.
Conclusion
The above study has defined the areas of essentials that are being used for the storage systems of renewable resources. Six different methods are being described within the storage of renewable energy that is being produced and implemented in Malaysia. Moreover, the identification of the methods that are considered to be most effective is explained in brief.
References
Andro?ec, D. (2017). Analysis of Sci-Hub downloads of computer science papers. Acta Universitatis Sapientiae, Informatica, 9(1), 83-96. doi: 10.1515/ausi-2017-0006
Laajimi, M., & Go, Y. (2019). Energy storage system design for large-scale solar PV in Malaysia: technical and environmental assessments. Journal Of Energy Storage, 26, 100984. doi: 10.1016/j.est.2019.100984
Laajimi, M., & Go, Y. I. (2021). Energy storage system design for large-scale solar PV in Malaysia: techno-economic analysis. Economics assignment Renewables: Wind, Water, and Solar, 8(1), 1-23.
Sciencedirect. (2022). Retrieved 4 January 2022, from https://www.sciencedirect.com/science/article/pii/SXXXXXXXXXXX28791
Sci-Hub | Energy Storage Sizing and Enhanced Dispatch Strategy with Temperature and Safety Considerations: A Techno?economic Analysis. Energy Storage | 10.1002/est2.260. (2022). Retrieved 4 January 2022, from https://sci-hub.yncjkj.com/https://doi.org/10.1002/est2.260
