A Methodology for Determining Optimum Solar Tower Plant Configurations and Operating Strategies to Maximize Profits Based on Hourly Electricity Market Prices and Tariffs

2016 ◽  
Vol 138 (2) ◽  
Author(s):  
Rafael Guédez ◽  
Monika Topel ◽  
Inés Conde ◽  
Francisco Ferragut ◽  
Irene Callaba ◽  
...  
Keyword(s):  
Electricity Market ◽  
Power Plants ◽  
Technology Development ◽  
Performance Indicator ◽  
Final Analysis ◽  
Cash Flows ◽  
Levelized Cost Of Electricity ◽  
Market Prices ◽  
Operating Strategies ◽  
Plant Configuration

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).

A Methodology for Determining Optimum Solar Tower Plant Configurations and Operating Strategies to Maximize Profits Based on Hourly Electricity Market Prices and Tariffs

2015 ◽  
Author(s):  
Rafael Guédez ◽  
Monika Topel ◽  
Inés Conde Buezas ◽  
Francisco Ferragut ◽  
Irene Callaba ◽  
...  
Keyword(s):  
Electricity Market ◽  
Power Plants ◽  
Technology Development ◽  
Performance Indicator ◽  
Final Analysis ◽  
Cash Flows ◽  
Levelized Cost Of Electricity ◽  
Market Prices ◽  
Operating Strategies ◽  
Plant Configuration

The present study analyses the influence that market conditions have on determining optimum molten salt solar tower plants with storage that maximize 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 trade-off curves between minimizing investment and maximizing profits when varying critical sizerelated parameters (such as nameplate capacity, solar multiple and storage capacity) together with power-cycle design and operating specifications including dynamic start-up 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. Lastly, a final analysis is performed with regards of the indicators used for economic evaluation of power plants, by comparing the differences between optimum designs found when using the levelized cost of electricity solely as performance indicator instead of cash-flows and profit-based indicators, such as the internal rate of return.

scholarly journals Household electricity demand, the intrinsic flexibility index and UK wholesale electricity market prices

2020 ◽  
Author(s):  
Jacopo Torriti
Keyword(s):  
Electricity Market ◽  
Power Plants ◽  
Electricity Demand ◽  
Market Prices ◽  
Vast Number ◽  
Spot Prices ◽  
Time Use Survey ◽  
Wholesale Electricity Market ◽  
The Uk ◽  
Flexibility Index

AbstractDuring peak electricity demand periods, prices in wholesale markets can be up to nine times higher than during off-peak periods. This is because if a vast number of users is consuming electricity at the same time, power plants with higher greenhouse gas emissions and higher system costs are typically activated. In the UK, the residential sector is responsible for about one third of overall electricity demand and up to 60% of peak demand. This paper presents an analysis of the 2014–2015 Office for National Statistics National Time Use Survey with a view to derive an intrinsic flexibility index based on timing of residential electricity demand. It analyses how the intrinsic flexibility varies compared with wholesale electricity market prices. Findings show that spot prices and intrinsic flexibility to shift activities vary harmoniously throughout the day. Reflections are also drawn on the application of this research to work on demand side flexibility.

scholarly journals Spatial-Economic Potential Analysis of Wind Power Plants in Germany

Wind ◽  
2021 ◽  
Vol 1 (1) ◽  
pp. 77-89
Author(s):  
David Hennecke ◽  
Carsten Croonenbroeck
Keyword(s):  
Power Plant ◽  
Wind Power ◽  
Electricity Market ◽  
Regional Planning ◽  
Power Plants ◽  
Large Scale ◽  
Renewable Energy Sources ◽  
Levelized Cost Of Electricity ◽  
Potential Analysis ◽  
Federal States

Before a new wind farm can be built, politics and regional planning must approve of the respective area as a suitable site. For this purpose, large-scale potential computations were carried out to identify suitable areas. The calculation of wind power plant potential usually focuses on capturing the highest energy potential. In Germany, due to an energy production reimbursement factor defined in the Renewable Energy Sources Act (“Erneuerbare-Energien-Gesetz”, EEG) in 2017, the influence of energy quantities on the power plant potential varies, economically and spatially. Therefore, in addition to the calculation of energy potentials, it was also necessary to perform a potential analysis in terms of economic efficiency. This allows, on the one hand, an economic review of the areas tendered by the regional planning and, on the other hand, a spatial-economic analysis that expands the parameters in the search for new areas. In this work, (a) potentials with regard to the levelized cost of electricity (LCOE) were calculated by the example of the electricity market in Germany, which were then (b) spatially and statistically processed on the level of the federal states.

scholarly journals Stochastic NPV Based vs Stochastic LCOE Based Power Portfolio Selection Under Uncertainty

Energies ◽  
2020 ◽  
Vol 13 (14) ◽  
pp. 3677 ◽  
Author(s):  
Carlo Mari
Keyword(s):  
Portfolio Selection ◽  
Electricity Market ◽  
Value At Risk ◽  
Power Plants ◽  
Net Present Value ◽  
Risk Measures ◽  
Conditional Value At Risk ◽  
Optimal Portfolios ◽  
Levelized Cost Of Electricity ◽  
Power Sources

This paper investigates the problem of power portfolio selection under uncertainty using two different metrics, namely the stochastic Net Present Value (NPV) and the stochastic Levelized Cost of Electricity (LCOE). In the first metric, stochastic revenues, as well as stochastic costs incurred during the whole lifetime of power plants, are taken into account. The second metric is based on stochastic costs only. This means that revenues deriving from selling electricity in power markets over long-term horizons play an important role in determining optimal portfolios under the stochastic NPV metric, but they have no impact on optimal portfolios under the stochastic LCOE metric. Uncertainty arising from unpredictable movements of electricity market prices, fossil fuels, and nuclear fuel prices is considered. Moreover, stochastic CO 2 costs are included into the analysis. The aim of this study was to examine in what circumstances efficient NPV-based portfolios differ in a significant way from efficient LCOE-based portfolios. The portfolio selection is performed using two different risk measures, namely the standard deviation and the Conditional Value at Risk Deviation (CVaR) deviation. The proposed methodology can be used as a powerful tool of analysis for planning profitable investments in new generating technologies paying attention to risk reducing strategies through power sources diversification.

scholarly journals Optimization of 100 MWe Parabolic-Trough Solar-Thermal Power Plants Under Regulated and Deregulated Electricity Market Conditions

Energies ◽  
2019 ◽  
Vol 12 (20) ◽  
pp. 3973 ◽  
Author(s):  
Llamas ◽  
Bullejos ◽  
Ruiz de Adana
Keyword(s):  
Electricity Markets ◽  
Power Plants ◽  
Storage Capacity ◽  
Thermal Power ◽  
Solar Thermal ◽  
Parabolic Trough ◽  
Levelized Cost Of Electricity ◽  
Solar Thermal Power ◽  
Levelized Cost ◽  
Plant Configuration

Parabolic-trough solar-thermal power-plant investments are subordinate to radiation availability, thermal-energy storage capacity, and dynamic behavior. Their integration into electricity markets is made by minimizing grid-connection costs, thus improving energy-availability and economic-efficiency levels. In this context, this work analyzes the sizing-investment adequacy of a 100 MWe parabolic-trough solar-thermal power plant regarding solar resources and thermal energy into power-block availability for both regulated and deregulated electricity markets. For this proposal, the design of a mathematical model for the optimal operation of parabolic-trough power plants with thermal storage by two tanks of molten salt is described. Model calibration is made by using a currently operated plant. Solar-resource availability is studied in three different radiation scenarios. The levelized cost of electricity and production profit relating to the investment cost are used to analyze plant sustainability. Thus, the levelized cost of electricity shows the best plant configuration for each radiation scenario within a regulated market. For deregulated markets, the optimal plant configuration tends to enhance the solar multiple and thermal-storage capacity thanks to an increment on selling profit. The gross average annual benefit for electricity generation of deregulated against regulated markets exceeds 21% in all radiation areas under study.

A Levelized Cost Metric for EDS-Based Cleaning of Mirrors in CSP Power Plants

2014 ◽  
Author(s):  
Nitin Joglekar ◽  
Emre Guzelsu ◽  
Malay Mazumder ◽  
Adam Botts ◽  
Clifford Ho
Keyword(s):  
Power Plants ◽  
Technology Development ◽  
Indirect Costs ◽  
Levelized Cost ◽  
Plant Life ◽  
Development Cycle ◽  
Fixed Power ◽  
Plant Configuration ◽  
Installation Cost ◽  
Production Target

Integration of electro-dynamic screens (EDS) on mirrors in CSP power plants is an emergent and environmentally conservative technology. It can remove the deposited dust from these mirrors and thus maintain high reflectivity continuously through the plant life. We propose a levelized cost of mirror cleaning (LCOMC) metric to link the EDS-enhanced reflectivity gains with the relevant product and installation costs, as well as with the direct and indirect costs associated with plant operation and maintenance. The LCOMC metric accounts for the fact that enhanced reflectivity owing to EDS technology allows the plant operators to specify a suitably smaller optical capacity plant in order to deliver a fixed power production target. We illustrate our proposal with a dataset on deluge cleaning of a scaled solar power plant configuration. For the configuration studied, it is shown that, if the EDS technology production and installation cost is $10/m2, then its LCOMC is 7.9% below the LCOMC for a comparable deluge cleaning alternative. Thus, the proposed LCOMC metric provides a methodology for systemic assessment of the economic impact of the EDS technology (and other mirror cleaning technologies), early in its technology development cycle.

scholarly journals The Operating Strategies of Small-Scale Combined Heat and Power Plants in Liberalized Power Markets

Energies ◽  
2018 ◽  
Vol 11 (11) ◽  
pp. 3110 ◽  
Author(s):  
Pavel Atănăsoae
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Power Plants ◽  
High Efficiency ◽  
Organic Rankine Cycle ◽  
Combined Heat And Power ◽  
Operating Conditions ◽  
Power Markets ◽  
Small Scale ◽  
Operating Strategies

Distributed generation is a good option for future energy systems with respect to sustainable development. In this context, the small-scale combined heat and power (CHP) plants are seen as an efficient way to reduce greenhouse gas emissions due to lower fuel consumption compared to the separate generation of the heat and electricity. The objective of this paper is to establish operating strategies of the small-scale CHP plants to reduce operational cost and increase revenue in liberalized electricity markets. It analyzes a cogeneration plant with organic Rankine cycle and biomass fuel under the conditions of the Romanian electricity market and the green certificates support scheme for electricity generated in high efficiency cogeneration and from renewable sources. The main finding is that choosing an appropriate mode of operation and using correlated prices of heat and electricity can increase the trading profitability of a CHP plant in liberalized power markets. This can be done by an analysis of the particularities and the specific operating conditions of the CHP plant. The results show that the operating strategies of the CHP plant can yield substantial net revenues from electricity and heat sales. The CHP plant can be economically operated to a useful heat load of more than 40% when operating strategies are applied.

Reliability Index of Wind-Solar Hybrid Power Plants using the Expected Energy Not Supplied Method

2019 ◽  
Vol 8 (4) ◽  
pp. 9449-9456
Keyword(s):  
Power Plant ◽  
Power Systems ◽  
Electricity Market ◽  
Reliability Index ◽  
Power Plants ◽  
Initial Conditions ◽  
Hybrid Plant ◽  
Total Power ◽  
Hybrid Power ◽  
Hybrid Power Plant

This paper proposes the reliability index of wind-solar hybrid power plants using the expected energy not supplied method. The location of this research is wind-solar hybrid power plants Pantai Baru, Bantul, Special Region of Yogyakarta, Indonesia. The method to determine the reliability of the power plant is the expected energy not supplied (EENS) method. This analysis used hybrid plant operational data in 2018. The results of the analysis have been done on the Pantai Baru hybrid power plant about reliability for electric power systems with EENS. The results of this study can be concluded that based on the load duration curve, loads have a load more than the operating kW of the system that is 99 kW. In contrast, the total power contained in the Pantai Baru hybrid power plant is 90 kW. This fact makes the system forced to release the load. The reliability index of the power system in the initial conditions, it produces an EENS value in 2018, resulting in a total value of 2,512% or 449 kW. The EENS value still does not meet the standards set by the National Electricity Market (NEM), which is <0.002% per year. Based on this data, it can be said that the reliability of the New Coast hybrid power generation system in 2018 is in the unreliable category.

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