Financial feasibility of concentrated solar power with and without sensible heat storage in hot and dry Indian climate. (15th August 2022)

• Record Type: Journal Article
• Authors: Goyal, Naman; Aggarwal, Akshansh; Kumar, Anil
• Is Part Of: Journal of energy storage. Volume 52:Part B(2022)
• Publication Date: 2022-08-15
• Subjects: °C degree Celsius -- Al aluminium -- BCR benefit-cost ratio -- Can CSP power plant's annual cash flow. -- CERC Central Electricity Regulatory Commission -- CFcsp capacity factor -- CI cash inflow -- CIy cash inflow of yth year -- CLFR compact linear Fresnel reflector -- CO cash outflow -- CRF capital recovery factor -- CSP concentrated solar power -- Cu copper -- CWET Centre for Wind Energy Technology -- Cy operation and maintenance cost -- d discount rate -- DNI direct normal irradiance -- DPBP discounted payback period -- Fe iron -- GHI Global Horizontal Irradiance -- GW gigawatts -- HFC heliostat field collectors -- HTF heat transfer fluid -- IEA International Energy Agency -- IMD India Meteorological Department -- IRR internal rate of return -- kWh/m2 kilowatt-hour per square meter -- LCOE levelized cost of energy -- LFR linear Fresnel reflectors -- LFRS linear Fresnel reflector with storage -- MNRE Ministry of New and Renewable Energy -- NASA – POWER National Aeronautics and Space Administration – Prediction of Worldwide Energy Resources -- NPV net present value -- NREL National Renewable Energy Laboratory -- NREL-SEC National Renewable Energy Laboratory – Solar Energy Centre -- PCM phase change materials -- Pcsp CSP plant's net capacity -- PDC parabolic dish collectors -- PM KUSUM Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan -- PTC parabolic trough collectors -- PTCS parabolic trough collector with storage -- PV photovoltaic -- R&D research and development -- SAM System Advisor Model -- SPT solar power towers -- SPTS solar power tower with storage -- TEA techno-economic analysis -- TES thermal energy storage -- TWh/year terawatt-hour per square meter -- UCEy unit cost of electricity in the yth year -- USD United States dollar; Financial feasibility -- Concentrated solar power -- Thermal energy storage -- Net present value -- Hot and dry climate -- System Advisor Model; Energy storage -- Periodicals; Energy storage -- Research -- Periodicals; 621.3126
• DOI: 10.1016/j.est.2022.105002
• Languages: English
• ISSNs: 2352-152X

Abstract

Abstract: The present work assesses the economic feasibility of Concentrated Solar Power plants employing 3 different technologies – PTC, SPT and LFR with two different plant capacities of 50 MW and 100 MW for Jodhpur (annual average DNI of 2237 kWh/m 2 ). CSP plants are economically analysed both with and without thermal energy storage system (8 h of storage). System Advisor Model (SAM) software has been used for the study employing the recent regulatory policies as provided by the Central Electricity Regulatory Commission (CERC) in 2016. Financial parameters, namely Net Present Value (NPV), Discounted Payback Period (DPP), Payback Period (PBP), and Levelized cost of electricity (LCOE), have been calculated to get a crude economic comparison of the plants taken under consideration. CUF and annual generation of all the plants were observed to have increased when fitted with thermal storage. Highest NPV is 6940. 4 million ₹ (93.55 million $) for a 50 MW PTC plant with storage while the lowest LCOE calculated is 9.27 ₹ (0.125 $)/kWh for a 50 MW LFR plant without thermal storage. Findings of this study would enable an appropriate selection and installation of a solar project for the country's hot and dry climatic regions. Applied assessment methods can also aid the investors and decision-makers in better understanding the upcoming CSP projects' financial viability beforehand. Graphical abstract: Unlabelled Image Highlights: LFR based plants of both the capacities 50 MW and 100 MW with no storage have a payback period of <1 year. Electricity sales price taken as 12.08 ₹/GWh (0.163 $/GWh). LFR 50 MW with no storage has the lowest LCOE of 9.27 ₹/kWh ( 0.125$/kWh) and discounted payback period of 7.07 years. SPT of 100 MW capacity with storage has a NPV of −4141.14 million ₹ (55.82 million $). Highest NPV is 6940. 4 million ₹ (93.56 million $) for a 50 MW PTC plant with storage.