1. A methodology for determining optimum solar tower plant configurations and operating strategies to maximize profits based on hourly electricity market prices and tariffs
- Author
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Irene Callaba, Monika Topel, Zhor Hassar, Carlos David Pérez-Segarra, Björn Laumert, James Spelling, Inés Conde, Francisco Ferragut, Rafael Guédez, Universitat Politècnica de Catalunya. Departament de Màquines i Motors Tèrmics, and Universitat Politècnica de Catalunya. CTTC - Centre Tecnològic de la Transferència de Calor
- Subjects
Engineering ,Power station ,Energies [Àrees temàtiques de la UPC] ,020209 energy ,Energy Engineering and Power Technology ,02 engineering and technology ,Technology development ,Energy engineering ,Multi-objective optimization ,Solar tower ,0202 electrical engineering, electronic engineering, information engineering ,Electricity market ,Molten salt ,Solar power plants ,Heat storage ,Process engineering ,Market conditions ,Renewable Energy, Sustainability and the Environment ,business.industry ,Centrals solars ,Calor--Emmagatzematge ,Electrical engineering ,Environmental economics ,021001 nanoscience & nanotechnology ,Energy technology ,Solar energy ,Environmental science ,0210 nano-technology ,business - Abstract
The present study analyzes the influence that market conditions have on determining optimum molten salt solar tower plants with storage that maximizes profits (in terms of plant configuration, sizing, and operation) for a location in South Africa. Three different scenarios based on incentive programs and local wholesale electricity prices are considered. A multi-objective optimization modeling approach was followed, showing the tradeoff curves between minimizing investment and maximizing profits when varying critical size-related parameters (such as nameplate capacity, solar multiple (SM), and storage capacity) together with power-cycle design and operating specifications including dynamic startup curves and different storage dispatchability strategies. Results are shown by means of a comparative analysis between optimal plants found for each scenario, highlighting the value that storage has under the current two-tier tariff scheme and the relevance of designing a suitable policy for technology development. Finally, a final analysis is performed with regard to the indicators used for economic evaluation of power plants, by comparing the differences between optimum designs found when using the levelized cost of electricity (LCoE) solely as performance indicator instead of cash-flows and profit-based indicators, such as the internal rate of return (IRR).
- Published
- 2016