Optimal selection and techno-economic analysis of a hybrid power generation system

Abstract

In this paper, four alternatives used to supply electrical energy were compared economically, a photovoltaic system, wind turbine system, small experimental solar power tower system, and diesel generator. The annualized life cycle cost, life cycle cost, and energy production cost were utilized as dynamic indicators to estimate the economic-effectiveness of these systems. The cost of energy was $2.98/kWh, $1.19/kWh, $1.18/kWh, and $1.06/kWh for the wind turbine system, diesel generator system, solar power tower system, and photovoltaic system, respectively. Different hybrid system combinations were investigated. The impact evaluation of various hybrid system combinations on the cost of energy production and energy index of reliability was carried out by utilizing the technique of multivariable linear regression. The best performing combination was distinguished based on a compromise between the impact on the cost of production and the energy index of reliability for the hybrid combination by implementing the analytical hierarchy process technique. The concept of particle swarm optimization is discussed herein. Particle swarm optimization programming codes in the MATLAB environment were created and solved successfully. The results obtained from the algorithm of particle swarm optimization were used to verify the authenticity of the results obtained from the analytical hierarchy process technique. The results indicate that the combination photovoltaic/diesel has the best fit between the impact on the cost of production and the energy index of reliability of the hybrid alternative; hence, it is the best alternative for supplying the needed electricity to the loads in the compound.