Feasibility study: Economic and technical analysis of optimal configuration and operation of a hybrid CSP/PV/wind power cogeneration system with energy storage

Yulong Xiao, Chongzhe Zou, Mingqi Dong, Hetian Chi, Yulin Yan and Shulan Jiang

Renewable Energy, 2024, vol. 225, issue C

Abstract: In this study, a hybrid photovoltaic-wind-concentrated solar power renewable energy system and two cogeneration models are proposed. Evaluation criteria are employed, including the levelized cost of energy (LCOE) and the loss of power supply probability (LPSP). The optimal configuration and dynamic dispatch strategy of the hybrid system are determined through multi-objective optimization using the natural resources of Xining City. The economic feasibility of the system is assessed through comparison and analysis. The findings reveal that both cogeneration modes of the system effectively meet the power output requirements and dynamic thermal load. In thermal energy storage tanks' heat production mode without a battery storage system, the system achieves a minimum LCOE of 0.0526$/kWh and a maximum LPSP of 6.86%. With a battery storage system in this mode, the system attains a minimum LPSP of 4.83% and a maximum LCOE of 0.160$/kWh. Additionally, in the turbine spent vapor recovery heat supply mode, the system exhibits an LCOE of 0.127$/kWh and an LPSP of 4.96%, the system has better flexibility and wind-solar complementarity in this mode. This study also analyzed the importance of affordable electric energy storage for stable energy supply in hybrid energy systems.

Keywords: Hybrid energy system; Economic and technical analysis; Cogeneration modes; Optimal configuration and operation; Levelized cost of energy (LCOE); Loss of power supply probability (LPSP) (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:225:y:2024:i:c:s0960148124003380

DOI: 10.1016/j.renene.2024.120273

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