Profitability of solar-based hybrid power plant in Northern Europe
Abstract
Integrating energy storage in solar PV plants holds significant potential to enhance revenue streams by optimizing energy dispatch and capitalizing on peak electricity prices. While the initial investment costs for storage systems can be substantial, the ability to store excess solar energy and release it during high-price periods can lead to higher profitability. Moreover, Solar-to-X (SOLARX) is emerging as a promising renewable energy source to mitigate the impacts of climate change by integrating and synergistically managing a single facility that produces heat, electricity, or other energy vectors based on demand and prices. Thus, exploring further storage options, more efficient photovoltaic (PV) cell technologies, and alternative revenue streams in SOLARX is critical, especially as it expands to include hydrogen and heat energy vectors. This paper investigates the feasibility and profitability of solar and battery hybrid power plants in Northern Europe. The study conducted for Northern Europe demonstrates the potential for improved profitability of solar plants through the inclusion of battery energy storage and other energy vectors such as hydrogen.
Cite this
Gupta M, Leon JPM, Friis-Møller M, Das K. Profitability of solar-based hybrid power plant in Northern Europe. In Proceedings of 23rd Wind and Solar Integration Workshop (wiw 2024). Institution of Engineering and Technology. 2024. p. 996-1002. (IET Conference Publications; No. 16, Vol. 2024). doi: 10.1049/icp.2024.3905
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