A Comparison of Dispatchable RES Technoeconomics: Is There a Niche for Concentrated Solar Power?

Alexandra G. Papadopoulou, George Vasileiou and Alexandros Flamos
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Alexandra G. Papadopoulou: Department of Industrial Management and Technology, Technoeconomics of Energy Systems Laboratory (TEESlab), University of Piraeus (UNIPI), Karaoli & Dimitriou 80, 18534 Piraeus, Greece
George Vasileiou: Department of Industrial Management and Technology, Technoeconomics of Energy Systems Laboratory (TEESlab), University of Piraeus (UNIPI), Karaoli & Dimitriou 80, 18534 Piraeus, Greece
Alexandros Flamos: Department of Industrial Management and Technology, Technoeconomics of Energy Systems Laboratory (TEESlab), University of Piraeus (UNIPI), Karaoli & Dimitriou 80, 18534 Piraeus, Greece

Energies, 2020, vol. 13, issue 18, 1-22

Abstract: Raising the penetration of renewable energy sources constitutes one of the main pillars of contemporary decarbonization strategies. Within this context, further progress is required towards the optimal exploitation of their potential, especially in terms of dispatchability, where the role of storage is considered vital. Although current literature delves into either storage per se or the integration of storage solutions in single renewable technologies, the comparative advantages of each technology remain underexplored. However, high-penetration solutions of renewable energy sources (RES) are expected to combine different technological options. Therefore, the conditions under which each technology outperforms their counterparts need to be thoroughly investigated, especially in cases where storage components are included. This paper aims to deal with this gap, by means of assessing the combination of three competing technologies, namely concentrated solar power (CSP), photovoltaics (PV) and offshore wind, with the storage component. The techno-economic assessment is based on two metrics; the levelized cost of electricity and the net present value. Considering the competition between the technologies and the impact storage may have, the paper’s scope lies in investigating the circumstances, under which CSP could have an advantage against comparable technologies. Overall, PVs combined with storage prevail, as the most feasible technological option in the examined storage scenarios—with an LCOE lower than 0.11 €/kWh. CSP LCOE ranged between 0.1327–0.1513 €/kWh for high capacity factors and investment costs, thus larger storage components. Offshore wind—with a lower storage component—had an LCOE of 0.1402 €/kWh. Thus, CSP presents the potential to outperform offshore wind in cases where the latter technology is coupled with high storage requirements. CSP can be viewed as one of the options that could support European Union (EU) decarbonization scenarios. As such, an appropriate market design that takes into consideration and values CSP characteristics, namely dispatchability, is needed at the EU level.

Keywords: renewable energy sources; concentrated solar power; photovoltaics; wind energy; offshore wind; techno-economic assessment; levelized cost of electricity; net present value; sensitivity analysis; energy storage (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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