Authors: Saeed Azad, Ziraddin Gulumjanli, Daniel R. Herber

Published on: April 22, 2024

Impact Score: 8.2

Arxiv code: Arxiv:2404.14583

Summary

• What is new: A computational framework for assessing the net present value of various integrated storage technologies with energy systems, emphasizing a balance between physical and economic domains.
• Why this is important: The challenge of efficiently assessing the economic feasibility of various energy system configurations in early system concept development.
• What the research proposes: A versatile computational framework that formulates a linear, convex optimization problem for optimal capacity and dispatch decision-making.
• Results: Successful demonstration and validation of the framework’s capabilities through three case studies: natural gas with thermal storage and carbon capture, wind energy with battery storage, and nuclear with hydrogen.

Technical Details

Technological frameworks used: Open-source software DTQP.

Models used: Linear, convex optimization models.

Data used: Subsystem dynamics and economic data related to energy systems.

Potential Impact

Energy system integration firms, renewable energy companies, utility companies, and developers of energy storage technologies.

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