Techno-Economic Assessment of Electricity Market Potential for Co-Located Hydro-Floating PV Systems

Harnessing renewable energy from diverse sources is paramount for sustainable power systems. Recently, co-located floating PV (FPV) systems present an intriguing prospect in this context. These hybrid systems, blending hydro and solar power, may offer a more consistent electricity output and potenti...

Full description

Saved in:
Bibliographic Details
Main Authors: Sun, Mucun, Phillips, Tyler B., Hussain, Tanveer, Gallego-Calderon, Juan
Format: Conference Proceeding
Language:English
Subjects:
Electric potential
electricity price forecasting
Electricity supply industry
Finance
floating photovoltaic
Green products
hydropower
Measurement
Production
Renewable energy sources
sustainability
techno-economic analysis
Online Access:Request full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Harnessing renewable energy from diverse sources is paramount for sustainable power systems. Recently, co-located floating PV (FPV) systems present an intriguing prospect in this context. These hybrid systems, blending hydro and solar power, may offer a more consistent electricity output and potential economic advantages. Yet, assessing their actual potential requires a comprehensive techno-economic assessment. In addition, probabilistic price forecasting has recently gained attention in electricity market because decisions based on such predictions can yield significantly higher profits than those made with point forecasts alone. To this end, this paper embarks on a journey to elucidate the electricity market potential of co-located hydro-FPV systems in a probabilistic fashion to investigate the technological merits and economic viability of co-located hydro-FPV under different market structures. Our preliminary findings suggest that LCOE and payback metrics are sensitive not only to different markets but also to different solar incentives. Concurrently, we also observe that the payback period is generally faster with a production tax credit (PTC) than an investment tax credit (ITC). This assessment serves as a cornerstone for understanding the future prospects of co-located hydro-FPV systems in modern electricity markets.
ISSN:2166-5478
DOI:10.1109/GreenTech58819.2024.10520558