Cost Analysis of a Hybrid Generation Framework with Small Modular Nuclear Reactors, Renewables, and Battery Storage

Abstract

Renewable energy sources are synonymous with variability. Solar insolation, water flow, wind speed or direction are impossible to forecast with a high degree of certainty. The intermittencies associated with wind and solar power cause issues with system stability and make it difficult for utilities to deliver reliable power. Hybrid Generation Schemes (HGS) utilize multiple generation sources to meet a power demand. These power systems could aid in optimizing renewables, while overcoming their reliability limitations. The proposed HGS has three generation sources and a battery storage system (BSS). Small Modular Reactors (SMRs) are used as to meet the bulk of the demand as they experience little variability. Wind and solar power are used as supplemental support to meet fluctuations, and their surpluses charge the BSS. Although essential to the functioning of the HGS - the storage devices are often the costliest component. By designing a framework for the proposed system, a minimal cost can be found for both storage and the overall cost of the power system. To further understand the relationship between reliable power, generation sources, and cost, a model was created from the framework and multiple case studies were performed.