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Abstract: Most medium and small islands of the Aegean Archipelagos face serious infrastructure problems, strongly related with the limited electrical energy available at extremely high cost. On the other hand, the area is characterized by very high wind speeds and abundant solar energy, thus the exploitation of the available renewable energy sources (RES) may significantly contribute to the fulfillment of the local societies energy demand at minimum environmental and macroeconomic cost. However, the stochastic availability of wind energy and the variable availability of solar energy, the daily and seasonal electricity demand fluctuations, as well as the limited local electrical network capacity result in serious restrictions concerning the maximum renewable power penetration. In this context, the present paper investigates the possibility of creating a combined electricity generation facility based on the exploitation of wind or/and solar potential of an area as well as on the utilization of an appropriate energy storage configuration in order to replace the existing thermal power stations with rational investment requirements. For this purpose, the major parameters of the proposed integrated configuration are firstly calculated and its financial viability is accordingly analyzed. One of the main targets of the proposed solution is to maximize the RES exploitation of the area at a minimum electricity generation cost, while special emphasis is given in order to select the most cost-efficient energy storage device available. According to the results obtained the proposed solution is not only financially attractive but also improves the quality of the electricity offered to the local communities, substituting the expensive and heavily polluting existing thermal power stations. [Copyright &y& Elsevier]

• A modular demand-side management model including all important aspects of end-use. • Quantifying benefits of demand-flexibility for consumers in the residential sector. • Scenarios of full electrification of heating/cooling in the residential sector. • Benefits of flexibility if integrated in the retailing operations of utilities. • Policy recommendations towards a power sector based on decentralized generation. Increasing shares of renewable energy sources and managing total demand are considered pivotal for energy transitions that fundamentally re-envisage the electricity system. A key challenge of such transitions is integrating and absorbing increased shares of non-dispatchable renewable energy sources, without jeopardizing the security and the reliability of the electricity system. To this end, key solutions include the introduction of demand-side management. However, so far, demand-side management modeling at the building sector has been proven challenging, as existing models are not flexible enough to incorporate a wide set of modeling features and guiding principles, while including all important aspects of end-use. This paper presents a new dynamic high-resolution demand-side management model which brings together all the key features and guiding principles of demand-side management modeling. The novelty of the model lies mainly in its modularity, as the main modeling framework is decomposed into individual modules, hierarchically dependent on components embodying standards and design rules, allowing for multiple configurations and computational efficiency. To demonstrate its applicability the model was used to explore benefits of demand-flexibility for consumers in the residential sector in Greece. Simulation results showed that the flexibility to increase self-consumption can be brought to the Greek electricity sector without a need for significant changes in the current market design, and for consumers to sacrifice thermal comfort and energy services. [ABSTRACT FROM AUTHOR]