Valuation Of Hydrogen-based Energy Storage System In Wind Power Generation:A Real Options Research

Under the rapid development of new energy power generation,the consumption capacity of renewable electricity is more and more limited which is mainly dominated by excessive wind power abandonment.Hydrogen energy storage system can ensure smooth output of wind power and improve power quality providing an effective solution to the dilemma of new energy power generation.In order to promote the steady development of the energy storage industry,it is of great significance to effectively evaluate the value of the hydrogen-based energy storage system(HESS)in wind power generationThis paper firstly introduces the development background and current status of wind power storage industry at home and abroad,and summarizes the advantages and characteristics of HESS.Secondly,the structure and real option characteristics of wind-power-HESS are analyzed.Considering in the mean reversion,seasonal changing effects and spike jumps features of electricity market,the wind-power-HESS valuation model is established based on real options theory.Finally,numerical simulation is carried out and the impact of electricity price volatility,system parameters and subsidy policy changes on the value of hydrogen storage system is analyzed in depth.From the results,the value of wind-power-HESS is mainly determined by the volatility range of electricity price,investment cost and operating cost.Encouraging the liberalization of the electricity market is conducive to improving the value and profit of the wind-power-HESS.In addition,appropriate policy subsidy can reduce investment cost and improve the enthusiasm of energy enterprises for investment in HESS projects,thereby promoting the development of energy storage economy.The research conclusions provide reference for the investment and operation management of wind-power-HESS project,and also provide a strong decision-making basis for operators to balance the risks and benefits of HESS projects,thus promoting the development of energy storage industrialization.What’s more,the main conclusion provides a theoretical basis for improving the investment and construction of energy storage projects and promoting the formulation of new energy sustainable development policies.