Hybridization of single technology plants to hybrid power plants

Abstract

Being utilityscale Hybrid Power Plants a recent concept and area of research, there is still much that can be investigated. This thesis presents a methodology for assessing the profitability of hybridizing existing VRES generation with additional renewable technology and batteries, by comparing the Net Present Value (NPV) over the initial investment (CAPEX) of the standalone existing technology and of the new hybrid. The methodology is built upon an existing opensource tool capable of optimizing hybrid power plants, by implementing new components to it. Two case studies are conducted, one for existing wind and another for existing Photovoltaic (PV) systems. Sensitivity analyses are then performed, to evaluate the influence of key parameters. The findings reveal that the timing of hybridization plays a role in decisionmaking, with optimal hybridization occurring after 12 years in the studied case of existing wind and in year zero in the existing PV case. Inflation rates, discount rates, and investment costs significantly impact the results. Furthermore, future scenarios are investigated to estimate the potential influence of electricity price variations, due to the renewable cannibalisation effect.