A hybrid model for the optimum integration of renewable technologies in power generation systems

Andreas Poullikkas, George Kourtis and Ioannis Hadjipaschalis

Energy Policy, 2011, vol. 39, issue 2, 926-935

Abstract: The main purpose of this work is to assess the unavoidable increase in the cost of electricity of a generation system by the integration of the necessary renewable energy sources for power generation (RES-E) technologies in order for the European Union Member States to achieve their national RES energy target. The optimization model developed uses a genetic algorithm (GA) technique for the calculation of both the additional cost of electricity due to the penetration of RES-E technologies as well as the required RES-E levy in the electricity bills in order to fund this RES-E penetration. Also, the procedure enables the estimation of the optimum feed-in-tariff to be offered to future RES-E systems. Also, the overall cost increase in the electricity sector for the promotion of RES-E technologies, for the period 2010-2020, is analyzed taking into account factors, such as, the fuel avoidance cost, the carbon dioxide emissions avoidance cost, the conventional power system increased operation cost, etc. The overall results indicate that in the case of RES-E investments with internal rate of return (IRR) of 10% the cost of integration is higher, compared to RES-E investments with no profit, (i.e., IRR at 0%) by 0.3-0.5Â [euro]c/kWh (in real prices), depending on the RES-E penetration level.

Keywords: Power; generation; Renewable; energy; sources; Optimization (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (10)

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