Stochastic techno-economic assessment based on Monte Carlo simulation and the Response Surface Methodology: The case of an innovative linear Fresnel CSP (concentrated solar power) system

Ilaria Bendato, Lucia Cassettari, Marco Mosca and Roberto Mosca

Energy, 2016, vol. 101, issue C, 309-324

Abstract: Combining technological solutions with investment profitability is a critical aspect in designing both traditional and innovative renewable power plants. Often, the introduction of new advanced-design solutions, although technically interesting, does not generate adequate revenue to justify their utilization. In this study, an innovative methodology is developed that aims to satisfy both targets. On the one hand, considering all of the feasible plant configurations, it allows the analysis of the investment in a stochastic regime using the Monte Carlo method. On the other hand, the impact of every technical solution on the economic performance indicators can be measured by using regression meta-models built according to the theory of Response Surface Methodology. This approach enables the design of a plant configuration that generates the best economic return over the entire life cycle of the plant. This paper illustrates an application of the proposed methodology to the evaluation of design solutions using an innovative linear Fresnel Concentrated Solar Power system.

Keywords: Monte Carlo simulation; Response surface methodology; Renewable energy; Stochastic business plan; Investment evaluation; Linear Fresnel concentrated solar power (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:101:y:2016:i:c:p:309-324

DOI: 10.1016/j.energy.2016.02.048

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