Capacity configuration and economic evaluation of a power system integrating hydropower, solar, and wind

Abstract

Determining the economic feasibility and optimal capacity scheme of a hybrid system is the premise of its development. This study proposed a framework for capacity configuration and economic evaluation of the hydro-solar/photovoltaic-wind power system. First, a hydro-solar-wind power system capacity configuration and economic evaluation mathematical model aiming at the maximum net present value was presented. Then, an economic dispatch model of cascade hydropower plants considering flood control level and water supply demand was established, and its target is to maximize the hydropower annual electricity revenues. Finally, the framework was examined by a practical project in China. The results indicated that (1) the hydro-solar-wind power system in Qinghai Province is economically feasible; (2) the hydro-solar-wind complementation leads to the increase of multi-year average water abandonment rate and transmission line utilization hours. Through the regulation of cascade reservoirs, the multi-year average water abandonment rate can be obviously reduced and the hydropower annual electricity revenues can be increased; (3) the hydro-solar-wind power system capacity configuration and economic evaluation model is most sensitive to feed-in tariff, social discount rate, and annual average utilization hours of solar/wind. Thus, this study has important guiding value for the economic development of the hydro-solar-wind power system.