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Highlights • Capacity expansion planning model for the integration of CSP-TES. • Evaluation of the systemic economic and operational benefits provided by CSP-TES. • Analysis of multiple technology and policy scenarios for the Chilean power system. • Study of complementarities between CSP-TES and other technologies. • Investigation on the role of CSP-TES as a flexibility provider to the system. Abstract This paper presents a study about the impacts of the integration of concentrated solar power (CSP) with thermal energy storage (TES) in electric power systems. The main tool for this study is a comprehensive long-term power system capacity expansion planning model that integrates a specific module to represent the operation of CSP-TES power plants. The model determines the optimal investments on generation and transmission assets over a twenty-year planning horizon, ranging from 2018 until 2037, and employs projections for the various parameters involved (e.g. load growth, capital costs for the different generation technologies, fuels costs). One of the main features of the model is its ability to capture the hourly operational dynamics of the system through the consideration of multiple representative days for each of its investment periods. This feature allows a better understanding of the role of CSP-TES as a significant provider of flexibility to support a high penetration of variable renewable energy sources, as compared with traditional planning models based on load blocks. The model is applied to a case study for the Chilean electricity system. In order to study the impacts of CSP-TES, various scenarios of future capital costs and carbon tax levels are defined and analyzed for two market dominant CSP-TES technologies. The results show that for low CSP-TES capital costs, or high carbon taxes, the integration of CSP-TES in the system is significant towards year 2037, potentially reaching about one third of the total dispatched energy in the Chilean electric power system, yielding important operational, economic, and environmental benefits. [ABSTRACT FROM AUTHOR]

Abstract Energy systems are quickly evolving through the development of new technologies and the emergence of new operational and market design paradigms. In particular, the global push for sustainability is driving the transition towards a pronounced redesign. In fact, renewable energy integration is occurring at a massive scale, and several other exciting developments are finding their place in modern energy systems, such as distributed energy resources, demand response, energy storage technologies, and local energy markets. In this dynamic context, the process of energy policy design and implementation has found new challenges, and in supporting this key process, expansion planning models and tools can play an essential role. For example, these models can be employed to estimate the impact of a multitude of policy instruments. Thus, there is a wide interest in these tools and a variety of such models, as evidenced by a rich literature and a fast-paced evolution of this research area. Motivated by this, this work presents a comprehensive and up-to-date review on expansion planning models and tools with emphasis on their application to energy policy analysis. In particular, this paper reviews the most significant policy instruments, with an emphasis in renewable energy integration, the optimization models that have been developed for expansion planning, and existing decision-support tools for energy policy analysis. Finally, this paper also discusses the trends in the literature and the most pressing current challenges in the development and use of expansion planning models for energy policy analysis. Highlights • Provides a comprehensive and up-to-date overview on expansion planning models. • Reviews the most significant policy instruments with an emphasis in renewable energy integration. • Describes the salient features of using expansion models on energy policy analysis. • Discusses the future trends and challenges of smart grid technologies on expansion models. [ABSTRACT FROM AUTHOR]