A methodology for determining optimum solar tower plant configurations and operating strategies to maximize profits based on hourly electricity market prices and tariffs

• The present study analyses the influence that market conditions have on determining optimum molten salt solar tower plants with storage that maximize profits (in terms of plant configuration, sizing and operation) for a location in South Africa. Three different scenarios based on incentive programs and local wholesale electricity prices are considered. A multi-objective optimization modeling approach was followed, showing the trade-off curves between minimizing investment and maximizing profits when varying critical sizerelated parameters (such as nameplate capacity, solar multiple and storage capacity) together with power-cycle design and operating specifications including dynamic start-up curves and different storage dispatchability strategies. Results are shown by means of a comparative analysis between optimal plants found for each scenario, highlighting the value that storage has under the current two-tier tariff scheme, and the relevance of designing a suitable policy for technology development. Lastly, a final analysis is performed with regards of the indicators used for economic evaluation of power plants, by comparing the differences between optimum designs found when using the levelized cost of electricity solely as performance indicator instead of cash-flows and profit-based indicators, such as the internal rate of return.

Subject headings

TEKNIK OCH TEKNOLOGIER  -- Naturresursteknik -- Energisystem (hsv//swe)

ENGINEERING AND TECHNOLOGY  -- Environmental Engineering -- Energy Systems (hsv//eng)

Keyword

Carbon

Cell engineering

Climate control

Cogeneration plants

Costs

Curve fitting

Earnings

Economic analysis

Economic and social effects

Electric power system control

Electric power system economics

Electric power transmission networks

Environmental technology

Geothermal energy

Historic preservation

Investments

Multiobjective optimization

Optimization

Power markets

Profitability

Solar energy

Solar power generation

Storage (materials)

Sustainable development

Comparative analysis

Economic evaluations

Internal rate of return

Levelized cost of electricities

Multi-objective optimization models

Performance indicators

Technology development

Wholesale electricity

Smart power grids

Publication and Content Type

ref (subject category)

kon (subject category)