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Techno-economic evaluation of energy storage systems for concentrated solar power plants using the Monte Carlo method

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  • Liu, Chunyu
  • Zheng, Xinrui
  • Yang, Haibin
  • Tang, Waiching
  • Sang, Guochen
  • Cui, Hongzhi

Abstract

This paper aims to perform a techno-economic evaluation for the sensible heat, latent heat, and combined sensible-latent heat storage systems applied in concentrated solar power (CSP) plants. An analytical model that integrates the uncertainty of input variables is developed to observe the probability distribution of the levelized cost of electricity (LCOE) for various energy storage systems using a combination of Monte Carlo methods and economic indicators. Uncertainty quantification reveals that the combined sensible-latent heat storage system has the least uncertainty. The sensible-latent heat storage system has certainty equivalents of 0.1852 $/kWh and 0.1321 $/kWh for both the Blue Map and Roadmap scenarios, which is approximately 29% less than the two-tank molten salt energy storage system. Under emission trading, the environmental and social benefits of carbon reduction in energy storage systems can reduce the LCOE for CSP plants. This study can provide decision makers with more comprehensive information in determining the economic viability of different energy storage systems.

Suggested Citation

  • Liu, Chunyu & Zheng, Xinrui & Yang, Haibin & Tang, Waiching & Sang, Guochen & Cui, Hongzhi, 2023. "Techno-economic evaluation of energy storage systems for concentrated solar power plants using the Monte Carlo method," Applied Energy, Elsevier, vol. 352(C).
    • Handle: RePEc:eee:appene:v:352:y:2023:i:c:s0306261923013478
    DOI: 10.1016/j.apenergy.2023.121983
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