A methodology for determining optimum solar tower plant configurations and operating strategies to maximize profits based on hourly electricity market prices and tariffs
2015 (English)In: ASME 2015 9th International Conference on Energy Sustainability, ES 2015, collocated with the ASME 2015 Power Conference, the ASME 2015 13th International Conference on Fuel Cell Science, Engineering and Technology, and the ASME 2015 Nuclear Forum, ASME Press, 2015Conference paper (Refereed)Text
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.
Place, publisher, year, edition, pages
ASME Press, 2015.
Carbon, Cell engineering, Climate control, Cogeneration plants, Costs, Curve fitting, Earnings, Economic analysis, Economic and social effects, Electric power system control, Electric power system economics, Electric power transmission networks, Environmental technology, Geothermal energy, Historic preservation, Investments, Multiobjective optimization, Optimization, Power markets, Profitability, Solar energy, Solar power generation, Storage (materials), Sustainable development, Comparative analysis, Economic evaluations, Internal rate of return, Levelized cost of electricities, Multi-objective optimization models, Performance indicators, Technology development, Wholesale electricity, Smart power grids
IdentifiersURN: urn:nbn:se:kth:diva-181645DOI: 10.1115/ES2015-49237ISI: 000374279400028ScopusID: 2-s2.0-84949645570ISBN: 9780791856840OAI: oai:DiVA.org:kth-181645DiVA: diva2:907759
ASME 2015 9th International Conference on Energy Sustainability, ES 2015, collocated with the ASME 2015 Power Conference, the ASME 2015 13th International Conference on Fuel Cell Science, Engineering and Technology, and the ASME 2015 Nuclear Forum, 28 June 2015 through 2 July 2015
QC 20160229. QC 201603042016-02-292016-02-022016-05-13Bibliographically approved