{"id":{"repo_id":"reykjavik","oai_identifier":"oai:skemman.is:1946/44799"},"canonical_url":"https://search.dev.ndltd.org/etd/reykjavik/oai:skemman.is:1946/44799","repository":{"repo_id":"reykjavik","name":"Reykjavík University","base_url":"https://skemman.is/oai/request"},"display":{"title":"Economic feasibility of a utility-scale battery in Iceland","abstract":"Utility-scale batteries are gaining popularity due to their decreasing costs and are becoming increasingly crucial for integrating renewable energy sources. Batteries offer unique opportunities to reduce electricity usage costs and generate profits by providing various services. This study explores the potential of adding a battery to the Icelandic market by modeling the market’s response to the addition and estimating the potential revenue generated during the battery’s operation. The battery is modeled to operate in the primary, fast frequency response, and balancing markets, with each scenario outputting the potential revenue generated. Using the generated revenue and the current battery costs from literature, a financial analysis is conducted to determine the battery's net present value. The battery costs are also used to determine the minimum revenue required to break even on the investment. The results indicate that under current scenarios and electricity prices the battery is not profitable. So, an explanation is explored as to why the battery is not currently profitable in Iceland.","abstract_html":"Utility-scale batteries are gaining popularity due to their decreasing costs and are becoming increasingly crucial for integrating renewable energy sources. Batteries offer unique opportunities to reduce electricity usage costs and generate profits by providing various services. This study explores the potential of adding a battery to the Icelandic market by modeling the market’s response to the addition and estimating the potential revenue generated during the battery’s operation. The battery is modeled to operate in the primary, fast frequency response, and balancing markets, with each scenario outputting the potential revenue generated. Using the generated revenue and the current battery costs from literature, a financial analysis is conducted to determine the battery's net present value. The battery costs are also used to determine the minimum revenue required to break even on the investment. The results indicate that under current scenarios and electricity prices the battery is not profitable. So, an explanation is explored as to why the battery is not currently profitable in Iceland.","abstract_has_math":false,"creators":["Nathanael Scott Rybin 1996-"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":["Háskólinn í Reykjavík"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2023,"date_issued":"2023-06-07T15:00:48Z","date_published":"2023-06-07T15:00:48Z","updated_at":"2026-07-27T20:41:33Z","subjects":["Orkuvísindi","Meistaraprófsritgerðir","Hagmælingar","Hagkvæmnisathuganir","Rafhlöður","Rafgeymar","Ísland","Sustainable energy","Economics","Feasibility studies","Batteries","Storage batteries","Iceland"],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/1946/44799","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Háskólinn í Reykjavík"]},{"key":"dc:creator","label":"Author","values":["Nathanael Scott Rybin 1996-"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2023-06-07T15:00:46Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2023-06-07T15:00:46Z"]},{"key":"dc:date.issued","label":"Date","values":["2023-06-07T15:00:48Z"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Orkuvísindi","Meistaraprófsritgerðir","Hagmælingar","Hagkvæmnisathuganir","Rafhlöður","Rafgeymar","Ísland","Sustainable energy","Economics","Feasibility studies","Batteries","Storage batteries","Iceland"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/1946/44799"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["Utility-scale batteries are gaining popularity due to their decreasing costs and are becoming increasingly crucial for integrating renewable energy sources. Batteries offer unique opportunities to reduce electricity usage costs and generate profits by providing various services. This study explores the potential of adding a battery to the Icelandic market by modeling the market’s response to the addition and estimating the potential revenue generated during the battery’s operation. The battery is modeled to operate in the primary, fast frequency response, and balancing markets, with each scenario outputting the potential revenue generated. Using the generated revenue and the current battery costs from literature, a financial analysis is conducted to determine the battery's net present value. The battery costs are also used to determine the minimum revenue required to break even on the investment. The results indicate that under current scenarios and electricity prices the battery is not profitable. So, an explanation is explored as to why the battery is not currently profitable in Iceland.","Stórar rafhlöður verða vinsældar vegna lækkandi kostnaðarins og eru að verða aðeins mikilvægri fyrir samþættingu endurnýjanlegra orkugjafa. Rafhlöður bjóða upp á einstök tækifæri til að draga úr notkunarkostnaði fyrir rafmagn og skapa tekjur með því að veita mismunandi þjónustu. Þessi rannsókn skoðar möguleika þess að bæta rafhlöðu við íslenskan markað með því að móta viðbrögð markaðarins við viðbótina og meta hugsanlegar tekjur sem myndast við notkun rafhlöðunnar. Rafhlaðan er hönnuð til að starfa í aðal-, hraðvirkum tíðnisviðbrögðum og jafnvægismörkuðum, þar sem hvert atburðarsvið gefur út hugsanlegar tekjur sem myndast. Með því að nota tekjur sem eru metnar og núverandi rafhlöðukostnað úr bókmenntum er fjárhagsleg greining gerð til að ákvarða hreint núvirði rafhlöðunnar. Rafhlöðukostnaðurinn er einnig notaður til að ákvarða lágmarks tekjur sem þarf til að ná jöfnu hagnaði á fjárfestingunni. Niðurstöðurnar benda til þess að rafhlaðan sé ekki arðbær undir núverandi aðstæðum og verði íslenska skýringin skoðuð á því, hvers vegna rafhlaðan er ekki arðbær í núverandi stöðu á Íslandi."]},{"key":"dc:title","label":"Title","values":["Economic feasibility of a utility-scale battery in Iceland"]}]}],"canonical_facts":{"dc:contributor":["Háskólinn í Reykjavík"],"dc:creator":["Nathanael Scott Rybin 1996-"],"dc:date.accessioned":["2023-06-07T15:00:46Z"],"dc:date.available":["2023-06-07T15:00:46Z"],"dc:date.issued":["2023-06-07T15:00:48Z"],"dc:description.abstract":["Utility-scale batteries are gaining popularity due to their decreasing costs and are becoming increasingly crucial for integrating renewable energy sources. Batteries offer unique opportunities to reduce electricity usage costs and generate profits by providing various services. This study explores the potential of adding a battery to the Icelandic market by modeling the market’s response to the addition and estimating the potential revenue generated during the battery’s operation. The battery is modeled to operate in the primary, fast frequency response, and balancing markets, with each scenario outputting the potential revenue generated. Using the generated revenue and the current battery costs from literature, a financial analysis is conducted to determine the battery's net present value. The battery costs are also used to determine the minimum revenue required to break even on the investment. The results indicate that under current scenarios and electricity prices the battery is not profitable. So, an explanation is explored as to why the battery is not currently profitable in Iceland.","Stórar rafhlöður verða vinsældar vegna lækkandi kostnaðarins og eru að verða aðeins mikilvægri fyrir samþættingu endurnýjanlegra orkugjafa. Rafhlöður bjóða upp á einstök tækifæri til að draga úr notkunarkostnaði fyrir rafmagn og skapa tekjur með því að veita mismunandi þjónustu. Þessi rannsókn skoðar möguleika þess að bæta rafhlöðu við íslenskan markað með því að móta viðbrögð markaðarins við viðbótina og meta hugsanlegar tekjur sem myndast við notkun rafhlöðunnar. Rafhlaðan er hönnuð til að starfa í aðal-, hraðvirkum tíðnisviðbrögðum og jafnvægismörkuðum, þar sem hvert atburðarsvið gefur út hugsanlegar tekjur sem myndast. Með því að nota tekjur sem eru metnar og núverandi rafhlöðukostnað úr bókmenntum er fjárhagsleg greining gerð til að ákvarða hreint núvirði rafhlöðunnar. Rafhlöðukostnaðurinn er einnig notaður til að ákvarða lágmarks tekjur sem þarf til að ná jöfnu hagnaði á fjárfestingunni. Niðurstöðurnar benda til þess að rafhlaðan sé ekki arðbær undir núverandi aðstæðum og verði íslenska skýringin skoðuð á því, hvers vegna rafhlaðan er ekki arðbær í núverandi stöðu á Íslandi."],"dc:identifier.uri":["http://hdl.handle.net/1946/44799"],"dc:language.iso":["en"],"dc:subject":["Orkuvísindi","Meistaraprófsritgerðir","Hagmælingar","Hagkvæmnisathuganir","Rafhlöður","Rafgeymar","Ísland","Sustainable energy","Economics","Feasibility studies","Batteries","Storage batteries","Iceland"],"dc:title":["Economic feasibility of a utility-scale battery in Iceland"],"dc:type":["Thesis"]},"updated_at":"2026-07-27T20:41:33Z"}