Computer Model for Financial, Environmental and Risk Analysis of a Wind–Diesel Hybrid System with Compressed Air Energy Storage

Youssef Benchaabane, Rosa Elvira Silva, Hussein Ibrahim, Adrian Ilinca, Ambrish Chandra and Daniel R. Rousse
Additional contact information
Youssef Benchaabane: Laboratoire de recherche en énergie éolienne, Université du Québec à Rimouski, Rimouski, QC G5L 3A1, Canada
Rosa Elvira Silva: Institut technologique de maintenance industrielle, Cégep de Sept-Îles, Sept-Îles, QC G4R 5B7, Canada
Hussein Ibrahim: Institut technologique de maintenance industrielle, Cégep de Sept-Îles, Sept-Îles, QC G4R 5B7, Canada
Adrian Ilinca: Laboratoire de recherche en énergie éolienne, Université du Québec à Rimouski, Rimouski, QC G5L 3A1, Canada
Ambrish Chandra: Groupe de recherche en électronique de puissance et commande industrielle, École de Technologie Supérieure, Montréal, QC H3C 1K3, Canada
Daniel R. Rousse: Groupe de recherche industrielle en technologies de l’énergie et en efficacité énergétique, École de Technologie Supérieure, Montréal, QC H3C 1K3, Canada

Energies, 2019, vol. 12, issue 21, 1-23

Abstract: Remote and isolated communities in Canada experience gaps in access to stable energy sources and must rely on diesel generators for heat and electricity. However, the cost and environmental impact resulting from the use of fossil fuels, especially in local energy production, heating, industrial processes and transportation are compelling reasons to support the development and deployment of renewable energy hybrid systems. This paper presents a computer model for economic analysis and risk assessment of a wind–diesel hybrid system with compressed air energy storage. The proposed model is developed from the point of view of the project investor and it includes technical, financial, risk and environmental analysis. Robustness is evaluated through sensitivity analysis. The model has been validated by comparing the results of a wind–diesel case study against those obtained using HOMER (National Renewable Energy Laboratory, Golden, CO, United States) and RETScreen (Natural Resources Canada, Government of Canada, Canada) software. The impact on economic performance of adding energy storage system in a wind–diesel hybrid system has been discussed. The obtained results demonstrate the feasibility of such hybrid system as a suitable power generator in terms of high net present value and internal rate of return, low cost of energy, as well as low risk assessment. In addition, the environmental impact is positive since less fuel is used.

Keywords: compressed air energy storage; economic analysis; feasibility study; off grid areas; power generation; risk assessment; software tools; wind–diesel hybrid system; wind energy conversion (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: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.mdpi.com/1996-1073/12/21/4054/pdf (application/pdf)
https://www.mdpi.com/1996-1073/12/21/4054/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:12:y:2019:i:21:p:4054-:d:279840

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().