Renewable Revolution: A Review of Strategic Flexibility in Future Power Systems

Abstract

The global shift toward integrating renewable energy sources, such as solar and wind power, is revolutionizing the energy landscape, presenting both opportunities and challenges for power system operations. This paper delves into the critical concept of power system flexibility, emphasizing the importance of maintaining reliable service amidst unpredictable fluctuations in supply and demand. Given the intermittent nature of renewable energy, this paper explores key aspects of flexibility, including generation, demand-side, and grid flexibility, and their roles in sustaining grid stability. Various strategies to enhance flexibility in future power networks are examined, such as advanced energy storage technologies, demand response programs, grid expansion and interconnection, sophisticated forecasting methods, and adaptive power generation. Additionally, this paper underscores the pivotal role of market and regulatory reforms in facilitating the integration of renewable energy sources and enhancing grid adaptability. By analyzing the benefits, limitations, and future prospects of each strategy, this work provides a comprehensive overview of the evolving energy sector. It highlights the necessity of aligning regulatory frameworks with sustainability and climate goals to navigate the complexities of this transition effectively.