ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR

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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
RoCoF and Enhanced Frequency
Control Capability Reserve
Modelling
PLEXOS User Group Meeting, Valencia
12 June 2019

Copyright © Baringa Partners LLP 2019. All rights reserved. This document is subject to contract and contains confidential and proprietary information.
ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Table of contents

                        A                     Overview of Baringa                                                                                         3

                         B                    Project background and PLEXOS modelling                                                                     6

                         C                    EFCC CBA analysis overview                                                                                  20

                        D                     Key CBA results                                                                                             23

Copyright © Baringa Partners LLP 2019. All rights reserved. This document is subject to contract and contains confidential and proprietary information.        2
ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Overview of Baringa Partners

Baringa Partners is a
market-leading consulting                                                                                                                                                       Our                   Our
company with a focus on the                                                   We bring                                                                Collaboration        independence          award-winning
                                                                                                                 We all roll up
challenges of tomorrow,                                                    deep industry                                                              runs through           means we               culture
                                                                                                                 our sleeves to
operating in the Utilities, Energy                                         experience to                                                               everything             provide             attracts the
                                                                                                                    deliver
& Resources, Financial Services,                                           client projects                                                                we do              impartial             brightest
                                                                                                                                                                               advice               people
Telco and Consumer Retail
sectors.

 We help clients using our deep                                      Baringa was founded in 2000 and now has:
 industry insight to:

        Run more effective businesses
                                                                    600             Employees                                                                          60    Partners      6   Offices worldwide
        Launch new businesses and                                                                                                                                                                  UK, Germany,
         reach new markets                                                                                                                                                                          Ireland,
        Understand and navigate                                                                                                                                                                    Australia, UAE
         industry change.                                                                                                                                                                           and USA

 We have worked with energy                                                                                                                                   Our reputation is hard won and we’re determined to
 companies & utilities across:
                                                                                                                                                              keep it growing.
        Strategy and regulation
        Energy market analysis
        Customer Values Analysis
        Commercial Strategies
        Operating model design
        Operational excellence
        Back office transformation
        Technical and Digital
         architecture and Solutions

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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Baringa Overview – locations and client coverage
We maintain regularly updated models for Europe and Australia as well as a wide range of geographies

                                                                                                Baringa Office Locations
                                                                                                UK | Ireland | Germany | N America | UAE | Australia

                                                                                                Baringa Client Project Locations

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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Table of contents

                        A                     Overview of Baringa                                                                                         3

                         B                    Project background and PLEXOS modelling                                                                     6

                         C                    EFCC CBA analysis overview                                                                                  20

                        D                     Key CBA results                                                                                             23

Copyright © Baringa Partners LLP 2019. All rights reserved. This document is subject to contract and contains confidential and proprietary information.        5
ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Project background

       As Great Britain’s (GB) electricity sector becomes increasingly decarbonised, traditional thermal power stations are closing
       and a rising number of inverter based technologies, such as wind and solar photovoltaic (PV), are connecting to the
       network. This creates several operability challenges, one of which is reducing system inertia
       Thermal power stations have traditionally provided system inertia, which acts as a natural aid to maintaining system
       frequency, so removing them from the system will impact how frequency is managed. System frequency is a measure of
       the balance between electrical power generated and consumed. In GB, the electricity system frequency is nominally 50Hz
       and the National Electricity Transmission System Operator (NETSO) balances generation and demand in real-time
       Lower system inertia means that after a frequency disturbance, there is a faster rate of change of frequency (RoCoF). This
       increases the unpredictability and volatility of system frequency movement across the network immediately after an event.
       Consequently, the speed, volume and degree of coordination of frequency response must increase to keep frequency
       within acceptable parameters
       The Enhanced Frequency Control Capability (EFCC) project by National Grid has been designed to find a resolution to this
       electricity system challenge. The aim of the EFCC project was to develop and demonstrate an innovative new monitoring
       and control system (MCS) which obtains accurate frequency data at a regional level, calculates the required rate and
       volume of fast response and then enables the initiation of this required response within 0.5 seconds of a detected system
       frequency event
       The project was a collaboration between NGESO, GE Renewable Energy (formally known as Alstom Psymetrix), the
       University of Manchester, the University of Strathclyde, BELECTRIC, Flexitricity, Centrica/EPH, Ørsted (formally known as
       DONG Energy) and Siemens Gamesa Renewable Energy. All the partners, including NGESO, were responsible for particular
       work package(s) which denoted their areas of expertise and knowledge
       Baringa was asked to develop a cost and benefit analysis to assess the potential benefits of dispatching faster frequency
       response through EFCC to the industry and consumers

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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Technical background: Faster RoCoF
Inertia provide a natural response to a frequency event reducing RoCoF (rate of change of
frequency) and the response required to re-address system frequency
         Under current conditions – high inertia and RoCoF of 0.125 Hz/s – a frequency event (1) is managed by a combination of the inertia provided by synchronous
         generation in the short-term (i.e. within the first 2 seconds (2)) by which time traditional response provides (typically thermal) have been deployed to manage the
         frequency event (3). This is show by the pink line and pink shaded area below.
         Faster RoCoF falls is shown by the grey line (4). The impact of a frequency event, for example the loss of a power station, is now faster and larger than before. As
         system inertia is now lower, this cannot provide the same natural response in the sub-2 seconds timeframe. Traditional response providers (5) cannot respond
         fast enough to arrest the frequency drop, resulting in a frequency drop below the current limits (6). With traditional response times, faster RoCoF is therefore
         infeasible, and/or would require a greater volume of response overall to counteract the faster RoCoF.
                                        1 Frequency event –
                                               loss of generation
                                                                                                                                                          Target Nominal System Frequency
                                  50.0 Hz
                                                                                   2
                                                                                        RoCoF=0.125Hz/s:
                     Frequency

                                                                                        Frequency drop of
                                                                                        0.25Hz in 2 seconds
                                 49.75 Hz
                                                 4
                                                    RoCoF=0.25Hz/s:
                                                   Frequency drop of
                                                   0.5Hz in 2 seconds                                                                                                     Statutory limit
                                  49.5 Hz

                                    MW                                                    6                  Infeasible
                                  additional                                                                                                  5
                                   output
                                                                                                                                   Traditional primary      Secondary response
                                                                                                                                             response
                     Response

                                                                                                                    Traditional primary
                                                                                                                                                             Secondary response
                                                                                                            3       response

                                                                                                                                                                                            Time
                                                                        t          t+2s           t+4s                       t+10s                                                                 7
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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Technical background: EFCC impact
With EFCC, the faster and more targeted response can help to address the faster RoCoF, reducing
the overall volume of response required to arrest the frequency event.
         With EFCC, a RoCoF of 0.250 Hz/s (7) can be managed more effectively by using faster response (8), able to arrest the frequency drop in the 2 second gap
         between the frequency event and traditional primary response (9).
         The fast EFCC response will arrest the frequency deviation quickly, hopefully preventing the frequency falling outside the limits. This faster response should
         therefore reduce the volume of response required to bring frequency back up to target levels (10 and 11).

                                               Frequency event –
                                                loss of generation
                                                                                                                                                               Target Nominal System Frequency
                                  50.0 Hz
                                                                                                                                                          11
                     Frequency

                                 49.75 Hz
                                                                       7
                                                     RoCoF=0.25Hz/s

                                                                                          10                                                                                    Statutory limit
                                  49.5 Hz

                                                                                                             Infeasible

                                                                                                                                    Traditional primary            Secondary response
                                    MW                                                                                                        response
                     Response

                                  additional
                                   output
                                                                             8                                               Traditional
                                                                                   EFCC response                             response
                                                                                                                9                                              Secondary response

                                                                                                                                                                                                  Time
                                                                        t          t+2s           t+4s                         t+10s
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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Technical background: EFCC benefit summary
The benefit of EFCC can be seen in the chart

  The high level benefits of EFCC are shown diagrammatically below:
         A to B – Faster RoCoF can now be accommodated, reducing the re-dispatch costs (from either reducing the largest infeed loss and/or from re-dispatching to get
         more synchronous generation on the system).
         C to D – Faster acting EFCC response is able to more quickly arrest the frequency drop reducing the volume of response required to bring frequency back to target
         levels.

                                               Frequency event –
                                                loss of generation
                                                                                                                                                          Target Nominal System Frequency
                                  50.0 Hz
                     Frequency

                                                                                                RoCoF=0.125Hz/s

                                 49.75 Hz                                                A

                                                    RoCoF=0.25Hz/s
                                                                            B
                                                                                                                                                                          Statutory limit
                                  49.5 Hz

                                                                                                             Infeasible

                                    MW
                     Response

                                  additional
                                   output                                                                                   C      Traditional response
                                                                                                         D
                                                                                                            Traditional primary                             Secondary response
                                                                                       EFCC + traditional response
                                                                                                            response

                                                                                                                                                                                            Time
                                                                        t          t+2s           t+4s                       t+10s
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ROCOF AND ENHANCED FREQUENCY CONTROL CAPABILITY RESERVE MODELLING - ENERGY EXEMPLAR
Managing RoCoF limit

           2 * RoCoF limit * (System inertia – inertia of Largest Infeed Loss) >= Frequency * Largest Infeed Loss

          The ROCOF limit can be managed by decreasing largest
        infeed or increasing system inertia. Decreasing the largest
           infeed is a less costly option and is what is done more
                                   frequently

              Decreasing levels of inertia projected going forward in the
               National Grid SOF 2018 (system operability framework)

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PLEXOS modelling approaches and features used
Modelling RoCoF Gen and RoCoF IC constraints

       Decision variables heavily deployed! (Over 50): Decision Variable objects are useful when you need to define a constraint
       on an aspect of the simulation that is not definable with the default constraint coefficients
       RoCoF modelling: Tracking interconnector and generation RoCoF constraints. This can be important in the cases where an
       interconnector can be the largest infeed however losing a generator of comparable size might have a bigger impact on the
       frequency due to inertia

         – RoCoF Gen constraint:
                         2 * RoCoF limit * (System inertia – inertia of Largest Infeed Loss) >= Frequency * Gen Risk

         – RoCoF IC constraint:
                                                                 2 * RoCoF limit * System inertia >= Frequency * IC Risk

       Gen risk and IC risk are defined as reserve objects with the set of generator and line contingencies defined, respectively. In
       the case of generator contingencies, the largest generation unit can set the gen risk and in the case of line risk, the largest
       flow (both import and export direction) can set the IC risk.

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PLEXOS modelling approaches and features used
Modelling IC risk

                                                                            2 * RoCoF limit * System inertia >= Frequency * IC Risk
         Modelling IC risk:

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PLEXOS modelling approaches and features used
Modelling Gen Risk and Largest Infeed Loss (LIFL)

                             2 * RoCoF limit * (System inertia – inertia of Largest Infeed Loss) >= Frequency * Gen Risk
       Modelling Gen Risk:

       Binary DVs created to track largest infeed and remove its inertia in the RoCoF constraint
       Further DVs created to model groupings of generators considered as a single loss
       Example: Saltend 1 constraints (similar constraints for SE2 and SE3):
        – DV(SE1)-DV(dummy SE-WMR-HG)-Unitsgen(SE1)>=-1
        – DV(SE1)-Unitsgen(SE1)
PLEXOS modelling approaches and features used
Modelling inertia

                           2 * RoCoF limit * (System inertia – inertia of Largest Infeed Loss) >= Frequency * Gen Risk

                                                                                                                                   H values (inertia coefficients) for generators

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RoCoF and inertia modelling
The RoCoF and inertia modelling optimises largest infeed re-dispatch actions to manage the
system within the required RoCoF limit
                                             RoCoF assumptions
         The fast response from EFCC is a system enabler, allowing the system to operate at a faster RoCoF.
         The main EFCC benefit in the CBA is derived from enabling this RoCoF limit change, and the resulting benefit from reduced system actions. The RoCoF
         limits used in the modeling are shown in the table below.

                                  Without EFCC, we                                    With EFCC, we assume
                                assume the system can                                the system can manage a
                                manage a 0.2Hz/s RoCoF                                     1Hz/s RoCoF

     RoCoF limit (Hz/s)             2019         2020          2021         2022          2023         2024          2025         2026          2027      2028
     Counterfactual                 0.125        0.125        0.200         0.200        0.200         0.200        0.200         0.200        0.200      0.200
     Factual-EFCC case              0.125        0.125        1.000         1.000        1.000         1.000        1.000         1.000        1.000      1.000

                                      Interconnector assumptions                                                                                                  Generator groupings
         Interconnectors are commonly the largest infeed on the system, and                                                             The RoCoF modelling takes into account the impact of generator
         therefore constraining down flows on interconnectors is a key tool for                                                         transmission connection groupings and the impact this has on the
         managing RoCoF.                                                                                                                largest infeed (i.e. the extent to which a credible loss on the
                                                                                                                                        transmission system could result in a RoCoF event exceeding the
         To simulate this, we first model an unconstrained market to calculate
                                                                                                                                        RoCoF limit).
         the cross-border flows for each hour (i.e. based on economic
         dispatch). Then, we use these unconstrained market results to set the                                                          The Baringa model takes into account the local RoCoF groups
         interconnector flows for the constrained market run (i.e. applying the                                                         identified by National Grid in ‘The Statement of the Constraint Cost
         RoCoF constraints).                                                                                                            Target Modelling Methodology’ (Immingham, Saltend, Seabank and
                                                                                                                                        South Humber Bank).
         We limit the re-dispatch of interconnectors for RoCoF management to
         50 % of interconnector capacity. We also assume a fixed cost of
         interconnector re-dispatch of £25/MWh.

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Response modelling – response volumes
The response modelling sets the demand for each response service using regression analysis of
the relationship between demand, inertia, infeed and static response.

                                 The CBA takes into account the impact of EFCC in two areas. First, EFCC is an enabler for the transition to RoCoF of 1.0Hz/s from
                                 2021. Second, EFCC will compete with other existing response providers for traditional response timeframes – Primary, Secondary
                                 and High response
      Primary, Secondary, High

                                 The EFCC response modelling considers the volume of response available from the EFCC technologies, the response timeframes for
                                 the different technologies and the impact this has on response holding across different response timeframes
                                 In the counterfactual, without EFCC, we assume that National Grid procures traditional frequency services:
                                    • Primary (Max delivery by 10s after a frequency event)
                                    • Secondary (Max delivery by 30s after a frequency event)
                                    • High (Max delivery by 10s after a frequency event)
                                 To model the EFCC response we also assume a response holding requirement at 0.5s (defined as EFCC in this section), and
                                 modelled in addition to the primary and secondary requirements:
                                    • EFCC (Max delivery by 0.5s after a frequency event)
                                 Regression analysis: To calculate response holding volumes we derived a relationships between demand, inertia, largest loss and
                                 static volume
                                 This regression analysis provided coefficients for each variable which we have used in our model to calculate the required response
                                 holding requirements for each hour

                                                                                                                                                             In-feed/ex-
                                               Response                                          Demand                                            Inertia
                                                                                                                                                              feed loss

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PLEXOS modelling approaches and features used
Modelling reserve using custom constraints

       Reserve modelling: We have modelled reserve requirement through custom constraints rather than using the reserve
       object as the reserve formula for traditional response took the following form which is not possible to model using the
       reserve object:

       PR= A – B x demand – C x inertia +D x infeed loss – E x static response – F x EFCC provision – G x EFR provision

         Definition of reserve risk in PLEXOS is as below:

         Example modelling of primary response using custom constraints:

                                                                                         Created a decision variable with an objective
                                                                                         function value so that it is minimised to avoid
                                                                                                         over-provision

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PLEXOS modelling approaches and features used
Modelling LIFL, demand and intercept components of the reserve in the custom constraint

       Modelling inertia component of the reserve:

                                                                                                                                                                      LIFL coefficient

                                                                                                                                                                        Demand coefficient

                                                                                                                                                          Intercept defined as a variable with a
                                                                                                                                                                     coefficient of 1

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Table of contents

                        A                     Overview of Baringa                                                                                         3

                         B                    Project background and PLEXOS modelling                                                                     6

                         C                    EFCC CBA analysis overview                                                                                  20

                        D                     Key CBA results                                                                                             23

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Overview of Baringa’s CBA approach
The CBA includes a counterfactual model run and a ‘test case’ to show the impact of a change in
RoCoF limits and the introduction of EFCC
                                                                                               1
                                                                                                     Replicate FES Steady State and
                                                                                                     Consumers Power in Baringa’s
                                                                                                     in-house dispatch model 2019-
                                                                                                     2028
Traditional
  MFR and
     FFR                                     Counterfactual                                                                     EFCC impact “test case”                       Sunk Costs
providers of
  Primary,
                                2                                                                                             5
 Secondary
                                    Run Baringa model with
  and High                                                                                                                        Re-run the analysis allowing
                                    existing RoCoF constraint and
  response                                                                                                                        faster RoCoF
                                    traditional response providers                                                                                                        8
                                3                                                                                             6                                          Costs of installing
                                    Calculate cost of system                                                                      Calculate change in system
                                                                                                                                                                         and maintaining EFCC
                                    actions required to meet the                                                                  actions required to meet
                                                                                                                                                                         (for NG and industry)
                                    current RoCoF constraint                                                                      faster RoCoF
                                                                                                   ∆ in total
                                4                                                                   system                    7
                                                                                                    costs =                                                                Subtracted from
                                                                                                                                  Calculate the response
                                    Calculate response holding                                      market                                                                 benefit to reveal
                                                                                                                                  holding requirements with
                                    requirements                                                                                                                            total net effect
                                                                                                    impact                        EFCC capabilities
                                                                                                    of EFCC

                                                                                                                                                           Move to 1
                                                                                                                                                          Hz/s in 2021

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Roll-out profile – explanatory slide
Example the response and EFCC assumptions used in the study

                                                                          Example roll-out – to explain the assumptions slides
                                        Total capacity taken from the FES
                                               for all technologies                                                               De-load: maximum volume the generator can reduce
                                                                                                                                  output to offer response service (no change over time)

                                                                                                                                 Counterfactual           De-load          Response              Response: Proportion
                                                                                                                                                                                                 of de-load that counts
                                                                                                                                 Low response             45%              100%                  towards response
                                                                                                                                 High response            0%               100%                  provision at each
                                                                                                                                                                                                 timeframe (i.e. 10 and
                                                                                                                                                                                                 30s)
                                                                                                                                 EFCC                     De-load          Response
                                                                                                                                 EFCC boost (low)         0%               1.5%                  We assume an EFCC
                                                                                                                                                                                                 boost for onshore and
                                                                                                                                 EFCC (low)               45%              10%                   offshore wind only,
                                                                                                                                                                                                 with a small response
                                                                                                                                 EFCC (high)              0%               10%                   at 0.5s

                                                                                                                                                          The de-load and potential response approach is the same
     Response capability is the MW of total                                The EFCC response capability is the MW
                                                                                                                                                          for traditional response and EFCC. For EFCC we show the
     capacity assumed to be able to offer                                  of total capacity that can offer EFCC
                                                                                                                                                          assumed response from each technology at 0.5s
     traditional response (primary,                                        capability (i.e. some response at 0.5s)
     secondary and high)                                                                                                                                  The EFCC assumptions are combined with the
                                                                           The actual EFCC response will be a
                                                                                                                                                          counterfactual/traditional response assumptions in the
     The actual response provided by each                                  function of this assumption and the
                                                                                                                                                          EFCC case (i.e. EFCC is additional to traditional response)
     technology will be a function of the                                  assumed EFCC response (shown in the
     response capability, and the assumed                                  blue table)
     service response (shown in the pink
     table)
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Table of contents

                        A                     Overview of Baringa                                                                                         3

                         B                    Project background and PLEXOS modelling                                                                     6

                         C                    EFCC CBA analysis overview                                                                                  20

                        D                     Key CBA results                                                                                             23

Copyright © Baringa Partners LLP 2019. All rights reserved. This document is subject to contract and contains confidential and proprietary information.        22
RoCoF duration curves
RoCoF duration curves provide a clear indication of the potential benefits of moving to higher
RoCoF using EFCC

                                                                                             2025 RoCoF duration curve

                                                                                                   Unconstrained
                                                                                                  market run RoCoF
                                                                                                   duration curve

                                                                                       RoCoF limit is set
                                                                                       to 0.3 Hz/s in the
                                                                                       constrained case

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RoCoF duration curves
RoCoF duration curves provide a clear indication of the potential benefits of moving to higher
RoCoF using EFCC

                                                                                             2025 RoCoF duration curve

                                                                                                                                                            Modelling a RoCOF limit of 0.2 Hz/s in the
                                                                                                                                                          counterfactual increases the number of hours
                                                                                                                                                          where the RoCoF limit is binding significantly,
                                                                                                                                                           therefore results in increased benefit from
                                                                                                                                                               moving to higher RoCoF using EFCC

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RoCoF duration curves
RoCoF duration curves provide a clear indication of the potential benefits of moving to higher
RoCoF using EFCC

                                                                                             2025 RoCoF duration curve

                                                                                                                                                          Modelling a RoCoF limit of 0.125 Hz/s (as
                                                                                                                                                          is the case today) means the RoCoF limit
                                                                                                                                                            is binding almost throughout the year

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Inertia distribution – Consumer Power
These charts show how system inertia changes over the modelling horizon in Consumer Power.
                                                        2021                                                                               In the Consumer Power scenario, the significant volume
                                                                                                                                           of renewables results in a larger difference in inertia
                                                                                                                                           distribution between the unconstrained run and the
                                                                                                                                           Low RoCoF run (i.e. the system needs more re-dispatch
                                                                                                                                           actions to meet the RoCoF constraint)
                                                                                                                                           The modelling shows this as a greater move in the
                                                                                                                                           inertia distribution curve between the unconstrained
                                                                                                                                           run and Low RoCoF run

                                                          2028

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High level benefits comparison – Consumer Power
For the Consumer Power scenario with significant renewable capacity, the CBA shows a material
benefit to deploying EFCC and enabling faster RoCoF

                              Consumer Power – breakdown of benefits                                                                                                          Key messages
                                                                                                                                                          Total change in generation costs
                                                                                                                                                              The change in generation costs reflects the total
                                                                                                                                                              system cost change with a move to faster RoCoF.
                                                                                                                                                              This include GB and connecting market generation
                                                                                                                                                              costs, plus an assumed cost of interconnector re-
                                                                                                                                                              dispatch (as shown below)
                                                                                                                                                          Social cost of carbon
                                                                                                                                                              Our modelled generation costs takes into account the
                                                                                                                                                              cost of carbon for each generator. Here we add in the
                                                                                                                                                              social cost of carbon, from the Treasury green book to
                                                                                                                                                              account for wider benefits to society
                                                                                                                                                              This only reflects the GB portion of carbon savings (i.e.
                                                                                                                                                              does not take into account the change in carbon in
                                                                                                                                                              connecting markets)
                                                                                                                                                          Renewable curtailment costs
                                                                                                                                                              At a faster RoCoF, the system can accommodate a
                                                                                                                                                              greater volume of renewables. This reduces the cost
                                                                                                                                                              or renewables curtailment, represented by a benefit in
                                                                                                                                                              the CBA.

                                   Total ‘European’                                                                                                           We calculate this using the change in wind and solar
            GB                                                                                                                                                generation multiplied by an assumed balancing bid
                                   generation costs                                   IC re-                                   Total
         generation                                                                                                                                           cost (£50/MWh onshore wind, £100/MWh offshore
           costs                   (GB, NL, SEM,                                     dispatch                                generation
                                                                                                                                                              wind & solar)
                                   FR, BE, NO, DK)                                     costs                                    cost

Link: https://www.nationalgrideso.com/document/126486/download
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Contacts at Baringa Partners:

                       Adrian Palmer                                         Baringa Partners LLP                                          Ozlem Akgul               Baringa Partners LLP
                                                                             3rd Floor, Dominican Court                                                              3rd Floor, Dominican Court
                       Director                                              17 Hatfields                                                  Senior Consultant         17 Hatfields
                                                                             London SE1 8DJ                                                                          London SE1 8DJ
                                                                             United Kingdom                                                                          United Kingdom
                       adrian.palmer@baringa.com                                                                                           ozlem.akgul@baringa.com
                       mobile +44 7904 279 887                               www.baringa.com                                               mobile +44 7800 864 508   www.baringa.com

                                                                                                 Baringa Partners is an independent business and technology consultancy.

                                                                                                 We help businesses run more effectively, reach new markets and navigate
                                                                                                 industry shifts. We use our industry insights, pragmatism and original thought to
                                                                                                 help each client transform their business.

                                                                                                 Collaboration runs through everything we do. Collaboration is the essence of our
                                                                                                 strategy and culture. It means the brightest and the best enjoy working here.

                                                                                                 Baringa. Brighter Together.

Copyright © Baringa Partners LLP 2019. All rights reserved. This document is subject to contract and contains confidential and proprietary information.                                           28
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contained in the relevant contract between Baringa and Client. It is released to Client subject to the terms of such contract and is not to
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Information provided by others (including Client) and used in the preparation of this report is believed to be reliable but has not been
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to rely on this report (or any part of it) will do so at its own risk. To the fullest extent permitted by law, Baringa accepts no responsibility
or liability in respect of this report to any other person or organisation. Copyright © Baringa Partners LLP 2018. All rights reserved.
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