Reduce Investment Costs Research Articles

ІНВЕСТИЦІЇ У ВІДНОВЛЮВАЛЬНУ ЕНЕРГЕТИКУ ЄС: ОЦІНКА ЕФЕКТИВНОСТІ СТИМУЛІВ

This study uses panel data regression analysis to examine the relationship between incentive policies and the deployment of renewable energy sources (RES) in the European Union (EU). Data for 25 EU countries were collected from 2000 to 2021, with Malta and Cyprus excluded due to insufficient data. A fixed effects model was utilised to consider individual country characteristics and unobservable factors that differ over time. Additionally, a dynamic panel data model was estimated to assess the influence of prior RES capacity on current capacity, offering more efficient parameter estimates than traditional static fixed-effect estimation. Our findings reveal the multidirectional impact of various RES incentive instruments and policies on different types of RES in the EU. Fiscal and financial instruments, such as taxes, grants, and R&D policies, proved more effective in promoting RES development than other incentive types in the energy sector. Market-based incentives, including certificates and support policy frameworks, also positively impacted the capacity of RES power plants. However, net metering, direct investment, and loans did not significantly increase RES, while regulation and direct investment appeared to constrain RES potential. The dynamic panel data estimates demonstrate that previous RES capacity positively and significantly influences current capacity. Furthermore, our estimation results emphasise that fossil energy consumption, nuclear energy, and GDP are critical determinants of RES development. Interestingly, net imports (energy security) and CO2 emissions were not significant factors driving RES growth. The results also indicate that the fossil fuel lobby could be more highly effective, and concerns about nuclear power are quite strong in the analysed countries. This study highlights the importance of RES incentive instruments that reduce investment costs for the success of RES mechanisms, stressing the need for supportive policies to enhance the competitiveness of renewable energy technologies. It emphasises that although some incentive policies have effectively promoted RES development, others, such as net metering, direct investment, and loans, have not achieved the desired results. In conclusion, understanding the effectiveness of various incentive instruments and policies is crucial for driving further RES development and improving the overall sustainability of the energy sector in the EU.

Technical-economic analysis of the implementation of a microgrid with integration of renewable energies in the Esmeraldas Canton, Ecuador

The integration of renewable energy technologies and the consequent reduction in investment costs has led to an increase in the use of distributed energy resources (DER), which has allowed the deployment of more and more microgrids. Despite the many benefits that can be derived from microgrids, they still face many barriers to participating in the electricity industry compared to traditional grids. This paper proposes to address the implications of installing renewable energy in the parish 5 de Agosto, Stone Mine Sector of the city of Esmeraldas, through a technical-economic analysis of the implementation of a microgrid using the HOMER network software. The analysis shows that implementing a microgrid for renewable energy production significantly reduces total costs, unit energy costs and carbon dioxide emissions over the entire project life cycle. Finally, it is concluded that the photovoltaic matrix produces 82.3%, wind turbines 15.3% and the contribution from the grid is 2.45% of the total energy, respectively. The percentage of renewable energies in the system is 100%.

State of the Art in Humidified Gas Turbine Configurations

This research investigates the most modern approaches to water treatment and recovery in power plants because of the scarcity of water sources and the significance of those sources in enhancing the performance of power-generating cycles. Gas turbines, which use mixes of air and water as the working fluid, provide superior efficiency, high specific power outputs, and reduced investment costs compared to combined cycles. Several different cycles for humidified gas turbines, including cycles of direct water injection, cycles of steam injection, and evaporative cycles that include humidity control towers, have been proposed. Despite this, only a few of these cycles have been put into practice, and even fewer are available for purchase on the market. This work aims to analyze the research and development literature on humidification-based gas turbines and highlight the cycles that have the most significant promise for the long run. In addition, work on development that still has to be carried out in order to deploy humidification-based gas turbine cycles is advised. This article may also be used as an overview of the research and development work that has taken place on humidification-based gas turbines over the course of the last thirty years.

A game theoretic approach for evaluating high-water consumption manufacturing strategies under endogenous government financial subsidies

Motivated by the observed practices of the manufacturing industry and government, in this paper, the operational planning and water-saving strategies for a high-water-consumption (HWC) manufacturer are studied under endogenous government financial intervention in the form of subsidies. In particular, we formulate six multistage game models regarding the governments’ investment cost reduction and purchase price discount policies and the manufacturer’s self-saving and outsourcing-saving strategies. First, in addition to the price and production decisions, the threshold rules of water-saving strategy selection responding to a given subsidy are studied. Second, we explore the impacts of consumer environmental awareness (CEA) and the cost efficiency of water-saving innovations. Furthermore, the two subsidy schemes, namely, cost subsidy and price subsidy, are compared in terms of water-saving efforts, players’ profits and government expenditures. We find that (1) CEA has a positive influence on the players’ equilibrium solutions which are negatively impacted by cost efficiency. (2) The introduction of subsidy policies facilitates the outsourcing of water-saving services instead of self-saving, and the environmental, financial and social objectives of game players can be concurrently fulfilled by using a subsidy mechanism. (3) With respect to the self-saving mode, the price subsidy performs better at the water-saving level, which is opposite to that under the cost subsidy. (4) We also find that the manufacturer’s free riding behavior under the price subsidy brings about a higher quantity of supply and more benefits while maintaining a high price, which leads to a heavier financial burden for the government. Despite the possibility of higher consumption and financial spending, the consumer subsidy still generates higher social welfare.

Market strategy options to implement Thailand demand response program policy

DR (Demand Response) is an energy management strategy for reducing electricity usage during high-demand and unbalanced problem between demand and supply, which can lead to reduction in power system investment costs and CO2 emission. This technology is especially suitable for the initial state of the power system transformation and demonstrates a good attitude in sustainable development view. DR also has the potential to improve the flexibility of Thailand power system in order to promote the growth of renewable energy (RE). This study analysed a DR business option where LAs (Load Aggregators) are the key actors that collect and managed committed DR resources. Our study proposed the establishment of LA#1, as lead and first level LAs, wherein LA#1 consists of state utilities. For non-utilities interested in the DR business, they will be designated as LA#2, or level two LAs, responsible for DR resources left out by LA#1. The study included an assessment of the DR market size, and analyses of our proposed DR business solution. The SWOT analysis showed that the strengths and opportunities outweighed the weaknesses and threats for a business option where the state utilities are the lead LAs and the ones primary doing the DR business. The BMC assessment provided a comprehensive analysis confirming that our proposed LA business operation, wherein having an LA#1 consisting of state utilities, should be the preferential DR business operation option under the current power market structure. The financial analysis also supported this business option of state utilities being LA#1.

Thermo-economic analysis and multi-objective optimization of a reversible heat pump-organic Rankine cycle power system for energy storage

The rapid growth in renewable energy has reinforced the efforts to develop new scalable energy storage to balance the mismatch between energy production and demand. The reversible heat pump-organic Rankine cycle (HP-ORC) Carnot battery system is a possible candidate for this. Further investment cost reduction and the utilization of low-temperature energy were extremely beneficial to its development and application. A low-temperature and simple reversible HP-ORC storage system based on a compression and expansion dual-function unit was developed in this paper. A screening of 3 candidate working fluids was performed and R1233zd (E) was selected as the final candidate for the demonstrator. A mathematical model of the presented system was built to analyze the energy, exergy, and economic performance. Additionally, a multi-objective optimization of the system was carried out to find the optimal storage temperature taking economic and energy criteria into account. Finally, exergy analysis was performed under the optimal condition. The results show that the higher isentropic efficiency and temperature of the heat source are, the better the performance of the system is. When the optimal upper and lower storage temperatures are 126 ℃ and 99 ℃, the power-to-power efficiency (P2P), electrical storage capacity (ESC), levelized cost of storage (LCOS), and exergy efficiency are 28.16 %, 1.77 kW∙h/t, 0.36 $/kW∙h, and 61.82 %, respectively. The condenser and evaporator need to be improved in terms of their large exergy loss rate and low exergy efficiency.

Low-carbon and cost-efficient hydrogen optimisation through a grid-connected electrolyser: The case of GreenLab skive

Power-to-X technologies are a promising means to achieve Denmark's carbon emission reduction targets. Water electrolysis can potentially generate carbon-neutral fuels if powered with renewable electricity. However, the high variability of renewable sources threatens the Power-to-X plant's cost-efficiency, instead favouring high and constant operation rates. Therefore, a diversified electricity supply is often an option to maximise the load factor of the Power-to-X systems. This paper analyses the impact of using different power sources on the cost of production and the carbon intensity of hydrogen produced by a Power-to-X system. GreenLab Skive, the world's first industrial facility with Power-to-X integrated into an industrial symbiosis network, has been used as a case study. Results show that the wind/PV/grid-connected electrolyser for hydrogen and electricity production can reduce operational costs and emissions, saving 30.6 × 107 kgCO2 and having a Net Present Value twice higher than a grid-connected electrolyser. In addition, the carbon emission coefficient for this configuration is 3.5 × 10−2 kgH2/kgCO2 against 7.0 gH2/gCO2 produced by Steam Methane Reforming. A sensitivity analysis detects the optimal capacity ratio between the renewables and the electrolyser. A plateau is reached for carbon emission performances, suggesting a wind/grid-connected electrolyser setup with a wind farm three times the size of the electrolyser. Results demonstrate that hydrogen cost is not competitive yet with the electricity, suggesting an investment cost reduction but can be competitive with the current hydrogen price if the wind capacity is less than three times the electrolyser capacity.

Economic feasibility of marine renewable energy: Review

This paper aims to comprehensively review the economic feasibility of Marine Renewable Energy. Five major continents are at different development stages of implementing MREs commercialization; Europe is in the most advanced, while Africa is at the initial stage. The Levelized Cost of Energy is usually used to make decisions and measure the plant’s economic feasibility. Literature suggests that MRE technology is still costly, and many emerging countries are sensitive to the income and use of MRE. Among various types of MREs, wind energy is the most feasible for many countries. Offshore wave energy is still at the pre-commercialization stage for many developing countries. Tidal energy plants can be economically viable depending on a reduction in investment cost and high capacity factors. Most of the world’s tidal flows have too low a speed to operate a turbine of commercial size for ocean thermal energy. In conclusion, the factors hindering MRE development are pointed out, and future challenges are discussed.

Peningkatan Kapabilitas PT. Nusantara Turbin dan Propulsi dalam Pemeliharaan Engine Makilla Series

This research is backgrounded by the difficulty of Indonesian Air Force in looking for domestic MROs and the defense industry in carrying out maintenance engine Makilla Series . This fact is a phenomenon “Capability of PT. Nusantara Turbin dan Propulsi Intermediaries in maintenance engine Makilla Series ”. So the problem was formulated how PT. Nusantara Turbin dan Propulsi capabilities were. PT. Nusantara Turbin dan Propulsi carries out repairs and maintenance engine Makilla Series . This research uses the theory of the defense industry, maintenance, defense industry models, human resources, capabilities, investment and financial performance. The research method used is qualitative descriptive and in analysis uses data reduction, data presentation and conclusion drawing. The results of this study formulate capabilities PT. Nusantara Turbin dan Propulsi Intermediaries in carrying out maintenance engine Makilla series based on the theory that has been taken. Suggestions for improving maintenance capabilities are PT. Nusantara Turbin dan Propulsi Intermediaries can innovate by empowering resources owned to manufacture local products against maintenance facilities with complexity and affordable technology so as to reduce investment costs. In addition, it is also recommended that the government's presence encourage investment in PT. Nusantara Turbin dan Propulsi for domestic market control especially TNI POLRI. Good collaboration between the Ministry of SOEs, BKPM (The Capital Planting Coordination Agency), the Ministry of Defense and the Ministry of Economy are expected to be realized so that the PT. Nusantara Turbin dan Propulsi can rise to reduce the dependence of weapon buying import. Improved HR quality did not escape the advice of the author.

Expansive Soil Embankment Filling and Cutting Treatment Technology: A Systematic Review

The characteristics of expansive soil, including over consolidation, swelling-shrinkage, fissures, and strength attenuation, can cause potential hazards in road construction, which are mainly manifested as subgrade swelling-shrinkage deformation and slope collapse. Effective treatment can not only ensure long-term subgrade stability but also reduce investment costs and environmental impact. In this review, the current development status of embankment filling and cutting slope treatment technology in expansive soil areas were summarized, and the classification standards of expansive soil filler, moisture retention, and antiseepage technology were described. Then, the utility of chemical, physical, biological, and solid waste modification materials in improving the engineering characteristics of core-filled expansive soil was discussed, and the cost and technical characteristics of these modification technologies were compared and analysed. Next, the application of rigid and flexible support technology in the treatment of cutting slope collapse was analysed, and the advantages and disadvantages of rigid and flexible supports were summarized. Finally, the development direction of expansive soil subgrade treatment technology was discussed. This review includes a summary of the treatment methods of highway subgrade in expansive soil areas and can provide a technical reference for treatment methods of expansive soil subgrade.

Implications of power industry marketization for sustainable generation portfolios in China

China is currently pursuing a new round of electricity reform, aiming to establish cost-bidding wholesale electricity markets to replace the current centrally planned electricity economy. Cost minimization-oriented marketization can reshape generation priorities from an economic and low-carbon perspective. However, while the existing literature mainly focuses on the operation, emission, and curtailment evaluation of renewables after electricity market reform, few studies have well addressed the impact of the reform on long-term generation portfolios. Here, we analyze the impacts of China's electricity reform on generation portfolios based on a refined model describing China's electricity system operation and planning modes before and after marketization, i.e., centrally planned-electricity operation (CPO) and a competitive wholesale-electricity market (CWM), respectively. By comparing the generation portfolios of six provinces in 2020 and 2030, we conclude that China's marketization could significantly reduce the proportion of thermal generation by 0.81%–27.48%, of which the market share of low-capacity but coal-heavy generators (<300 MW) could potentially drop by more than 50%. The provincial diversity highly depends on the existing power resource configuration, e.g., the penetration level of renewables and the proportion of thermal generation. In addition, we discover that marketization has a limited impact on renewable expansion planning. In contrast to CPO, CWM can slightly increase the investment in wind and solar energy by less than 1% owing to a relatively high levelized cost of energy (LCOE) of wind and solar energy. Therefore, we further conduct a sensitivity analysis of the renewable LCOE, and it indicates that a reduction in wind investment costs to 2500–5000 CNY/kW (LCOE reaching 0.102–0.204 CNY/kWh) and solar investment costs to 2000–6000 CNY/kW (LCOE reaching 0.107–0.320 CNY/kWh) can effectively promote renewable portfolios.

Economic and Energy Performance of Heating and Ventilation Systems in Deep Retrofitted Norwegian Detached Houses

The aim of this study was to evaluate the life-cycle costs (LCC) and energy performance of different heating and ventilation systems (HVAC) in deep-energy renovation of Norwegian detached houses. Eight different HVAC combinations based on heat pumps are compared using two case buildings, with different performance levels for the building envelope. The case buildings are small wooden dwellings without a hydronic heating system, which is representative of existing Norwegian detached houses. The insulation level had only a limited effect on the relative performance of the various HVAC combinations. Many solutions with medium and higher investments have a payback time close to the technical lifetime. Uncertainty regarding investment costs is important and affects the relative performance between HVAC combinations. Electricity prices also have a decisive influence on the relative performance. Solutions with lower investment costs often lead to low total costs but higher energy use. However, solutions with medium investment cost lead to a significant reduction in energy use and only a minor increase in total costs. Improving the cost-effectiveness of these technologies (reduced investment costs, grants, increased electricity price) would unlock large energy-saving potential. The lack of hydronic distribution systems in existing Norwegian buildings is a barrier to implementing air-to-water and ground-source heat pumps. For the investigated cases, the current government subsidies in Norway do not seem large enough to make investments in deep-energy renovation profitable.

Simulation of the investment multiplier mechanism

The article noted the current relevance of the selected topic related to cash inflows. We considered the indicators used in the analysis of the effectiveness of investments, which can be divided into based, on discounted estimates and based on accounting estimates. When assessing risks, the impact of inflation is considered. This is achieved by adjusting the cash flow elements or discount ratio to the inflation index. The article presents the approaches of various scientists to the essence of the term "investments," shows the relationship between them, highlights the distinctive features of investments in relation to current costs. The main types of investments are considered, their content is disclosed. The investment multiplier has been determined. With a slight reduction in investment costs, a significant decrease in income can occur. Therefore, for the efficient functioning of the economy, it is necessary to ensure a certain value of the multiplication factor, create conditions for uninterrupted investment activities. Investments play a significant role in the functioning and development of the economy, and changes in physical volumes and quantitative ratios of investments affect the volume of public production

Stochastic multi-stage multi-objective expansion of renewable resources and electrical energy storage units in distribution systems considering crypto-currency miners and responsive loads

In order to mitigate the influence of global warming and greenhouse gasses emission, different proceedings are suggested such as utilizing renewable energies and demand response programs. This paper investigates the expansion of renewable resources and electrical energy storage units in distribution systems towards reducing investment costs and environmental pollution. Since the development of components is not possible in a single-stage due to the limitation of staff and funds, a multi-stage programming is applied to consider various restrictions. According to the penetration of crypto-currency miners in recent years, their impact is evaluated on the problem as the high-rate energy consumers. Moreover, the demand side management strategy and risk-averse scenario-based approach are implemented to analyze the role of responsive loads and model the renewable resources uncertainty, respectively. The results approve that simultaneous expansion of wind turbines, photovoltaics and electrical storage systems decreases the total pollution and cost by 100% and 99.98% after the third year, respectively. The simulations also validate that crypto-currency miners reduce the total revenue by 4.16%, whereas the responsive loads increase it by 9.89%. As well, the fluctuations of wind and solar power decrease the total revenue by 13.27%, in return, the robustness notably improves.

The benefits of green horizontal networks: Lessons learned from sharing charging infrastructure for electric freight vehicles

AbstractThis paper investigates how a group of firms collaborate horizontally to find innovative solutions to be more environmentally friendly by sharing charging infrastructure among themselves. Such collaborations enable a faster transition to electrifying road freight transport. We conduct an embedded case study of firms operating in Stockholm that are exploring the possibility of sharing charging infrastructure for their electric freight vehicles (EFVs). The study reveals four business models for sharing: sharing existing privately owned infrastructure, jointly building new infrastructure, jointly building new infrastructure at a shared customer's site and organizing sharing through a third party. The results show that these sharing models have both economic and environmental benefits, providing new revenue streams, enabling cost sharing, reducing investment costs, increasing utilization and reducing material usage. From a collaborative point of view, the results point to the importance of having multiple actors that form a network to provide large‐scale benefits. Our study reveals that there needs to be both environmental and economic incentives for firms to join horizontal networks characterized by coopetition. Trust between actors is also important in the forming of networks and during collaboration, especially since actors need to continuously share data within the network.

Passive design for green buildings by using green glass space and earth air tunnel

In recent years, an increasing number of buildings have adopted passive technologies to meet the needs of energy saving and urban sustainable development. A conflicting relationship exists between energy saving and improving thermal comfort in buildings. Green glass space (GGS), as one of the passive technologies, is a transitional space consisting of glass facades that have the potential to balance thermal comfort and energy savings. Nevertheless, the heat transfer through the glass facades at times of high solar irradiation in summer can lead to overheating, further affecting the balance. In this work, ‘green glass space’-‘earth air tunnel’ coupled system (GGS-EATS) is proposed to improve thermal comfort in a passive way, which can reduce cooling loads. The parameters of GGS-EATS (e.g., supply air temperature (Tsu) and air changes per hour (ACH)) are optimized based on a comprehensive evaluation. A comprehensive evaluation index (CEI) is proposed, which is considered as thermal comfort, sensible cooling capacity and cost of investment. Results indicate that GGS-EATS is effective in solving overheating problems. The maximum sensible cooling capacity and investment cost reduction can reach 11.5 times and 35.6% respectively with Tsu of 25 °C and ACH of 14. The findings can provide the reference for green building design, further to promote sustainable urban development.

High technical and temporal resolution integrated energy system modelling of industrial decarbonisation

Owing to the complexity of the sector, industrial activities are often represented with limited technological resolution in integrated energy system models. In this study, we enriched the technological description of industrial activities in the integrated energy system analysis optimisation (IESA-Opt) model, a peer-reviewed energy system optimisation model that can simultaneously provide optimal capacity planning for the hourly operation of all integrated sectors. We used this enriched model to analyse the industrial decarbonisation of the Netherlands for four key activities: high-value chemicals, hydrocarbons, ammonia, and steel production. The analyses performed comprised 1) exploring optimality in a reference scenario; 2) exploring the feasibility and implications of four extreme industrial cases with different technological archetypes, namely a bio-based industry, a hydrogen-based industry, a fully electrified industry, and retrofitting of current assets into carbon capture utilisation and storage; and 3) performing sensitivity analyses on key topics such as imported biomass, hydrogen, and natural gas prices, carbon storage potentials, technological learning, and the demand for olefins. The results of this study show that it is feasible for the energy system to have a fully bio-based, hydrogen-based, fully electrified, and retrofitted industry to achieve full decarbonisation while allowing for an optimal technological mix to yield at least a 10% cheaper transition. We also show that owing to the high predominance of the fuel component in the levelled cost of industrial products, substantial reductions in overnight investment costs of green technologies have a limited effect on their adoption. Finally, we reveal that based on the current (2022) energy prices, the energy transition is cost-effective, and fossil fuels can be fully displaced from industry and the national mix by 2050.

Tough Bargains: When Cooperation is More Competitive than Competition

Economic agents frequently take long-term actions, regarding for instance investments in cost reduction or R&D, before engaging in more short-term interactions, e.g. through price setting. Those short-term interactions may be noncooperative as for example competition on a consumer market, or cooperative and based on negotiations. This raises the question of how long-term actions that prepare for subsequent cooperation differ from those that precede noncooperative interaction. Can it happen that agents prepare more aggressively for cooperation than for competition, and thus destroy some of the value they create through cooperation by preparing for it? If so, under what conditions? To address these questions, I analyze two-stage duopoly games in which agents move noncooperatively in Stage 1, followed by either noncooperative or cooperative moves in Stage 2. In the latter case, a biform game, agents bargain in Stage 2 over how to divide the joint payoff. I show that Stage-1 actions can be more competitive in preparation for cooperation than in preparation for noncooperative interaction, in the sense of deviating more from the benchmark of collusion in both stages, and derive conditions for this to be the case. For instance, in preparation for a merger competing firms invest more in cost reduction than when preparing for price competition. Such increased investments can be wasteful for the duopolists and for society. My results also suggest that economic actors should pay attention to the pre-negotiation phase when arranging cooperation talks.

Digital Transformation in the Stockbroking Industry and its Role in Strong Retail Investor Participation in the Indian Stock Market

The Indian stock market is experiencing a dramatic change in its investor participation structure by way of increased involvement of retail investors, especially after the introduction of various technology-backed mobile investment apps. The digital transformation in the stockbroking industry paved the way for attracting more retail investors through their investment apps, reduced investment costs like commission, Demat charges, and developments in the digital payment modes in India. The total Demat account holders of CDSL and NSDL combined crossed over 90 million as of 31st March 2022. The introduction of the concept of technology-backed discount stockbroking accelerated the competition in the stockbroking industry thereby compelling the traditional full-service brokers to switch from their outdated telephone-based trading arrangement to technology-backed trading arrangements for their investors. The real-time trading opportunities by monitoring the real-time price movements of securities helped retail investors to build their investment portfolios. Even though the digital transformation in the stockbroking industry is attracting more retail investors, retail participation in the Indian stock market is still very low compared to other developed and developing economies. By overcoming the various challenges that restrict individuals from investing in securities, the Indian stock market can experience a further increase in the overall retail investor participation. Drifting the savings of retail investors to the stock market instruments will strengthen the cashflows in the stock market.

Province-level techno-economic feasibility analysis of baseload supply from hybrid renewable energy systems in China

To promote the large-scale deployment and grid integration of renewable-based power system, this paper investigates the province-level techno-economic feasibility of wind-photovoltaic-battery hybrid renewable energy system (HRES) for baseload supply application around China. Firstly, the power generation cost and grid parity potential of province-level standalone wind and photovoltaic power plants are assessed. Then, the optimal sizing of province-level HRESs aims to minimize the net present cost and meet the reliability constraint for baseload supply, which is solved by teaching and learning-based optimization. Finally, the techno-economic comparison between different system configurations, the correlation between HRES cost-effectiveness and resource potential as well as resources complementarity, and the grid parity potential of HRES for baseload supply are quantitatively analyzed. The results reveal that: (i) 84.4% of regions in China can achieve solar photovoltaic plant-side grid parity in 2022, while only 15.6% of regions can achieve wind power plant-side grid parity; (ii) HRESs in all regions are technically feasible but not cost-effective for baseload supply; (iii) wind-photovoltaic-battery HRES is the optimal configuration for most regions, indicating that the wind-solar hybridization is more reliable and cost-effective than standalone power plants; (iv) the economic performance of HRES depends mainly on the wind-solar joint resource potentials and the supply-demand relative deviation; (v) investment cost reduction and utilization of energy curtailment are promising to help HRES achieve plant-side grid parity for baseload supply. The findings of this paper can help policy-makers and investors optimally determine the national pathway of renewable energy transition.