NDLI: Controlling stored energy in a concentrating solar thermal power plant to maximise revenue

Content Provider	IET Digital Library
Author	Cirocco, Luigi R. Belusko, Martin Bruno, Frank Boland, John Pudney, Peter
Abstract	New electricity generation technologies are often assessed using simple metrics such as average return, break-even energy prices or levelised cost of electricity. These simple metrics do not always capture the full economic value of a technology, particularly those that can react quickly and efficiently to changes in demand. In a wholesale spot market, opportunities exist to capture greater revenues, as currently achieved by peak power plants. This study demonstrates the use of two complementary methods to determine how storage should be operated to maximise revenue. First, the authors formulate and solve the problem as a linear program. The results indicate that there are distinct control modes. They then use Pontryagin's principle to confirm that the optimal operating strategy has three distinct control modes: (i) store all collected power, without generating, (ii) generate using collected power only and (iii) generate at maximum capacity using both collected and stored power. The mode that should be used at any instant depends only on the spot price of electricity relative to a pair of critical prices. These critical prices depend on the total energy that will be collected and the turnaround efficiency of the storage system.
Starting Page	379
Ending Page	388
Page Count	10
ISSN	17521416
Volume Number	9
e-ISSN	17521424
Issue Number	Issue 4, May (2015)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-rpg/9/4
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-rpg.2014.0141
Journal	IET Renewable Power Generation
Publisher Date	2015-01-05
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Average Return Break-even Energy Prices Concentrating Solar Thermal Power Plant Control of Electric Power System Distinct Control Mode Electricity Generation Technology Electricity Spot Price Levelised Electricity Cost Linear Program Linear Programming Maximum Principle Optimal Control Optimal Operating Strategy Optimisation Technique Peak Power Plant Photovoltaic Power System Pontryagin Principle Power Generation Control Power Generation Economics Power Market Power System Economics Power System Managemen Power System Operation Revenue Maximisation Solar Power Stations Storage System Turnaround Efficiency Stored Energy Control Thermal Power Stations Thermal Power Stations And Plant Wholesale Spot Market
Content Type	Text
Resource Type	Article
Subject	Renewable Energy, Sustainability and the Environment

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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