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Joint cost of energy under an optimal economic policy of hybrid power systems subject to uncertainty

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  • Díaz, Guzmán
  • Planas, Estefanía
  • Andreu, Jon
  • Kortabarria, Iñigo

Abstract

Economical optimization of hybrid systems is usually performed by means of LCoE (levelized cost of energy) calculation. Previous works deal with the LCoE calculation of the whole hybrid system disregarding an important issue: the stochastic component of the system units must be jointly considered. This paper deals with this issue and proposes a new fast optimal policy that properly calculates the LCoE of a hybrid system and finds the lowest LCoE. This proposed policy also considers the implied competition among power sources when variability of gas and electricity prices are taken into account. Additionally, it presents a comparative between the LCoE of the hybrid system and its individual technologies of generation by means of a fast and robust algorithm based on vector logical computation. Numerical case analyses based on realistic data are presented that valuate the contribution of technologies in a hybrid power system to the joint LCoE.

Suggested Citation

  • Díaz, Guzmán & Planas, Estefanía & Andreu, Jon & Kortabarria, Iñigo, 2015. "Joint cost of energy under an optimal economic policy of hybrid power systems subject to uncertainty," Energy, Elsevier, vol. 88(C), pages 837-848.
    • Handle: RePEc:eee:energy:v:88:y:2015:i:c:p:837-848
    DOI: 10.1016/j.energy.2015.07.003
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    References listed on IDEAS

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    Cited by:

    1. Thomas, Dimitrios & Deblecker, Olivier & Ioakimidis, Christos S., 2016. "Optimal design and techno-economic analysis of an autonomous small isolated microgrid aiming at high RES penetration," Energy, Elsevier, vol. 116(P1), pages 364-379.
    2. Konneh, Keifa Vamba & Masrur, Hasan & Konneh, David A. & Senjyu, Tomonobu, 2022. "Independent or complementary power system configuration: A decision making approach for sustainable electrification of an urban environment in Sierra Leone," Energy, Elsevier, vol. 239(PD).
    3. Díaz, Guzmán & Moreno, Blanca, 2016. "Valuation under uncertain energy prices and load demands of micro-CHP plants supplemented by optimally switched thermal energy storage," Applied Energy, Elsevier, vol. 177(C), pages 553-569.

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