Breakeven analysis of Thermal Energy Storage System under uncertain operating conditions

Abstract

Since thermal energy storage (TES) systems gained momentum in the global energy market, there is a greater demand to enhance their energy efficiency and, more significantly, lower their costs. The purpose of the study is to assist decision-making under uncertainty and risk associated with stochastic increases in cost connected with Thermal Energy Storage System operation. The Thermal Energy Storage System (TSS) at the Gas District Cooling Plant in Perak, Malaysia is the purpose of this research. When fluctuating cooling demands develop, the Thermal Energy Storage System (TSS) is used to transfer energy use from peak to off-peak hours. For TSS and Gas District Cooling (GDC) systems, electric chillers and thermal storage tanks are required. Thermal energy systems (TES) play a role in the ongoing process of increasing integration across diverse energy systems to achieve a cleaner, more flexible, and long-term use of energy resources. Break-even analysis was used in the study, which is a basic tool for analyzing the feasibility of real-world initiatives with uncertainty. The findings reveal that a single-shift operation is not feasible, and the project will require at least two shifts to be viable.