Optimal Mitigation of Renewable Energy Curtailment in Greece through Energy Storage

The limitation of energy curtailment produced through Renewable Energy Sources (RES) is obstructed by technical, economic, and political factors. This reduction has negative financial consequences for renewable energy producers and may lead to higher electricity prices for consumers. To address these challenges, this study aims to explore the potential benefits of hydrogen energy storage as a solution to reduce renewable energy curtailment and improve the economic viability of renewable energy projects participating in the Day-Ahead Market (DAM). Using recent data from the Independent Power Transmission Operator (IPTO) and the Hellenic Energy Exchange (HEnEx), the study implements a metaheuristic optimisation algorithm, the Moth-Flame Optimiser (MFO), to investigate the feasibility of the proposition. The methodology computes a 1.23% return on investment over an eight-month operational period, with minimal monthly participation. By reducing the costs of the purchase and installation of system components, combined with governmental support in the form of incentives, the current obstacles could be removed.