Assessing the economic benefits of pumped hydropower energy storage

Abstract

   The national power development plan for the 2021-2030 period, with a vision to 2050 will create a breakthrough in the restructuring of the power sources of Vietnam. Accordingly, the proportion of wind and solar power sources is increasing. The development of pumped hydropower energy storage is an effective and suitable solution for Vietnam to help the power system operate stably and safely. Up to now, there is no mechanism and policy on electricity prices for pumped hydropower energy storage projects. The article presents a methodology to assess the economic benefits of pumped hydropower energy storage projects, which is the basis for building the mechanism and policy on electricity prices for pumped hydropower energy storage projects. The obtained results from applying calculations have selected the most reasonable replacement power source option when calculating the investment in pumped hydropower energy storage projects to properly assess the project's efficiency.