Modelling reliability under deep decarbonisation of the European electricity grid
Conventional feasibility studies of deep decarbonisation are often limited in their temporal scope, and are thus unable to draw conclusions about grid reliability over multi-decadal time periods. To address this problem, we introduce RESCORE, a fast and transparent model that uses 43 years of hourly weather data to evaluate both the cost and reliability characteristics of low-carbon electricity mixes. Applying RESCORE to the European electricity grid, we show that infrequent but extreme weather events play an outsized role in setting the cost for generation mixes without dispatchable backup: reliably meeting the last 1% of demand accounts for about 36% of the entire system cost when the mix contains only solar, onshore wind and storage. We also show that by including small amounts of low-cost, dispatchable generation (e.g., natural gas, hydro, or similar) the cost of a reliable, high-renewables grid can be drastically reduced.