Multi-objective optimization of concentrated solar power plants from an energy-water-environment nexus perspective under distinct climatic conditions – Part A: Techno-economic analysis

Abstract

In the current article, which is first to a two-part study, techno-economic evaluation, viability and optimization of concentrated solar power plants considering design parameters of solar multiple and integration of thermal energy storage is performed. High frequency (10 min), validated ground datasets are used for numerical simulations using System Advisor Model. Techno-economic performance analysis of dry and wet cooling system equipped solar tower and parabolic trough collectors is assessed for three different climatic zones i.e. temperate, semi-arid and sub-tropical. The optimization problem intends to maximize technical potential alongside minimizing net cost of electricity production. It is found that on average, 60 and 75% increase in annual electricity generation, and 5 and 7% decrease in levelized cost of electricity is observed with addition of 6 h of storage for solar tower and trough plants, respectively. For cost-effective solution, optimal solar multiple and thermal energy storage combination is in range of 3–3.2 and 15.4–15.9 for solar tower, and 2.3–3 and 10.6–11.6 h for trough plants. Wet-cooled solar towers perform the best in each climatic zone offering 5–6% lower cost of electricity production and 3–7% higher electricity generation potentials. Moreover, for mutually exclusive projects, levelized cost of electricity is a better metric to gauge economic viability than net present value. The follow-up study (Part B) focuses on environ-economic optimization of concentrated solar power plants. Furthermore, outcomes from both optimization objectives are utilized for multi-objective optimization based ‘balanced’ solution assessment in the next part.