Risk assessment of integrated concentrated solar system and biomass using stochastic dominance method

Abstract

Generally, due to the greenhouse gas emission level getting bigger and bigger every year, there is an essential need to use renewable energy resources and other environmentally friendly methods for electricity generation in the power industry. In this regard, the concentrated solar system integrated with biomass boiler and thermal storage could be applied to generate dispatchable power and raise the principles of renewable-based networks. In this paper, for an integrated biomass-concentrated solar (IBCS) system, a day-ahead and intra-day dispatch procedure are provided with the aim of maximizing the obtained profit of the system by manipulating the association of the system components in a cooperative manner. In addition, some uncertainties impose financial threats in the system performance and are needed to be assessed. In this regard, by using a stochastic optimization approach called the stochastic dominance (SD) method, the assessment of the IBCS system is performed. In the mentioned approach, the function of the system components is recorded under two strategies called risk-averse and risk-neutral. According to the obtained results, the represented procedure for day-ahead and intra-day dispatch is a profitable method for the system operator. For example, $2800 of profit is acquired for the decision-maker in the risk-neutral model and $2500 in the risk-averse model, which indicates that the decision-maker needs to devote 9% more of his currency in order to keep the safety of the system in an acceptable level.