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Joint cost of energy under an optimal economic policy of hybrid power systems subject to uncertainty

Economical optimization of hybrid systems is usually performed by means of LCoE (levelized cost of energy) calculation. Previous works deal with the LCoE calculation of the whole hybrid system disregarding an important issue: the stochastic component of the system units must be jointly considered. This paper deals with this issue and proposes a new fast optimal policy that properly calculates the LCoE of a hybrid system and finds the lowest LCoE. This proposed policy also considers the implied competition among power sources when variability of gas and electricity prices are taken into account. Additionally, it presents a comparative between the LCoE of the hybrid system and its individual technologies of generation by means of a fast and robust algorithm based on vector logical computation. Numerical case analyses based on realistic data are presented that valuate the contribution of technologies in a hybrid power system to the joint LCoE This work has been carried out inside the Research and Education Unit UFI11/16 of the UPV/EHU and supported by the Department of Education, Universities and Research of the Basque Government within the fund for research groups of the Basque university system through: IT394-10, IE14-389 and DPI2014-53685-C2-2-R.
- University of Oviedo Spain
- University of the Basque Country Spain
LCoE, hybrid systems, optimization
LCoE, hybrid systems, optimization
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