An Overview of Power System Flexibility: High Renewable Energy Penetration Scenarios

Power system flexibility is becoming increasingly critical in modern power systems due to the quick switch from fossil fuel-based power generation to renewables, old-fashioned infrastructures, and a sharp rise in demand. If a power system complies with financial restrictions and responds quickly to unforeseen shifts in supply and demand, it can be considered flexible. It can ramp up production during periods of high demand or increase it during unanticipated or scheduled events. The broad use of renewable energy in the power grid can provide environmental and economic benefits; nevertheless, renewables are highly stochastic in nature, with variability and uncertainty. New management with adequate planning and operation in the power system is necessary to address the challenges incorporated with the penetration of renewable energy. The primary aim of this review is to provide a comprehensive overview of power system flexibility, including appropriate definitions, parameters, requirements, resources, and future planning, in a compact way. Moreover, this paper potentially addresses the effects of various renewable penetrations on power system flexibility and how to overcome them. It also presents an emerging assessment and planning of influential flexibility solutions in modern power systems. This review's scientific and engineering insights provide a clear vision of a smart, flexible power system with promised research direction and advancement.