(P47) Integration of Marine Renewable Energy into Electric Power Grids and Value Proposition Development of Economics and Resilience

The Gulf Stream passes along the coast of North Carolina at a distance of 15-20 nautical miles and reaches a max speed of approximately 2m/s near Cape Hatteras and transports 90 million cubic meters per second. As the coasts are shallow, these are suitable for deploying the marine energy devices for power generation. This research investigates the value of marine renewable energy (MRE) to the economics and resilience of electric power grids. We develop an open-source tool to model the uncertainty and variability patterns of MRE, which is then incorporated into a stochastic optimization model for optimal scheduling and economic dispatch of the power grid with MRE to minimize total operation cost and enhance the power grid resilience. Based on case studies, the optimal interconnection point in the power network will be identified, and its cost-benefit analysis in terms of grid economics and resilience will be performed.
This open-source tool will also be used to promote the education of MRE by reaching out to K-12 schools and community colleges as the MRE development is still in the nascent stage. General awareness can be brought in students about the availability of marine energy, developments of MRE devices, and their values to the power grids.