Techno-economic evaluation of energy storage systems for concentrated solar power plants using the Monte Carlo method.

This paper aims to perform a techno-economic evaluation for the sensible heat, latent heat, and combined sensible-latent heat storage systems applied in concentrated solar power (CSP) plants. An analytical model that integrates the uncertainty of input variables is developed to observe the probability distribution of the levelized cost of electricity (LCOE) for various energy storage systems using a combination of Monte Carlo methods and economic indicators. Uncertainty quantification reveals that the combined sensible-latent heat storage system has the least uncertainty. The sensible-latent heat storage system has certainty equivalents of 0.1852 $/kWh and 0.1321 $/kWh for both the Blue Map and Roadmap scenarios, which is approximately 29% less than the two-tank molten salt energy storage system. Under emission trading, the environmental and social benefits of carbon reduction in energy storage systems can reduce the LCOE for CSP plants. This study can provide decision makers with more comprehensive information in determining the economic viability of different energy storage systems. • Techno-economic assessment of thermal energy storage (TES) systems was analyzed. • A probabilistic model for the assessment of levelized cost of electricity (LCOE) was proposed. • A scenario with integrating carbon pricing into the calculation of LCOE was evaluated. • The feasibility for the sensible-latent heat energy storage system was higher than for other TES systems. • The certainty equivalent of LCOE for C-PCM2 system was 0.1852$/kWh and 0.1321$/kWh under the Blue Map and Roadmap scenarios. [ABSTRACT FROM AUTHOR]