Techno-financial analysis of 100 % renewable electricity for the south west region of the UK by 2050

Zhendong Chen and Aritra Ghosh

Renewable Energy, 2024, vol. 237, issue PB

Abstract: In the UK, the transition to 100 % Renewable Energy Systems is a critical strategy in addressing climate change, aligning with the UK government's 2050 net-zero objective. This study explores the potential for such a transformation within the South West region of the UK by 2050. EnergyPLAN16.2 software was utilised for scenario modelling and the fmincon algorithm in MATLAB for optimisation analysis. The focus was on two scenarios involving hybrid renewable energy systems incorporating onshore wind, solar, offshore wind, and two energy storage systems which are lithium-ion battery energy storage and hydrogen fuel cell energy storage. The optimisation process entailed two stages: determining renewable energy configurations for cost-efficient coverage of annual electricity demand and computing the minimum energy storage capacity to ensure a constant power supply. The results suggest an optimal configuration of 4,460 MW onshore wind, 9,880 MW solar, 6,982 MW offshore wind, and 2,273,662 MWh of lithium-ion battery energy storage for 100 % hybrid renewable energy systems in the South West region of the UK in 2050. This configuration achieves the lowest annual cost of 3208 M£/year, with a balanced wholesale electricity price ranging from 4.3p/kWh to 6.6p/kWh and a levelized cost of energy of 6.44p/kWh. Furthermore, hydrogen fuel cell storage systems can be another alternative, however, the present study showed it is not economical enough compared to lithium-ion battery storage systems. This research broadens the understanding of hybrid renewable energy systems implementation in large regions, offering valuable insights for sustainable energy planning in the South West region of the UK.

Keywords: Hybrid systems; EnergyPLAN; Renewable energy; Fmincon; Hydrogen storage; Battery; Storage; Solar; Wind (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:237:y:2024:i:pb:s0960148124017427

DOI: 10.1016/j.renene.2024.121674

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