The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System

Musa Terkes; Alpaslan Demirci; Zafer Ozturk; Ali Ozturk; Salih Tosun; Cenk Andic

doi:10.1109/ELECO60389.2023.10415979

The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System

Musa Terkes^*, Alpaslan Demirci, Zafer Ozturk, Ali Ozturk, Salih Tosun, Cenk Andic

^*Corresponding author for this work

Department of Electrical Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

Clean energy-focused hybrid power systems (HPS) can help countries with their sustainable development plans. Optimal sizing of HPS depending on the varying countries' economic conditions in a reliable and robust strategy can reduce investment risks. This study performed optimal PV-DG-ESS based HPS sizing and feasibility analyses for Antalya, considering Türkiye's last ten years' interest and inflation rates, energy purchase costs, diesel costs, HPS investment, and operating costs. Moreover, the scope of the study is extended by sensitivity analyses on solar radiation, interest, and inflation. The results show that the proposed optimal HPS can reduce electricity purchase costs by up to $143.8 thousand/year and increase the renewable fraction by up to 74%, considering the current economic and climatic conditions. According to the sensitivity analysis, the grid was preferred in scenarios where solar radiation was lower than 5.5 kWh/m²/day. The research revealed the impact of economic conditions on HPS and is expected to guide investors and policymakers.

Original language	English
Title of host publication	14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings
Publisher	Institute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)	9798350360493
DOIs	https://doi.org/10.1109/ELECO60389.2023.10415979
Publication status	Published - 2023
Event	14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Virtual, Bursa, Turkey Duration: 30 Nov 2023 → 2 Dec 2023

Publication series

Name	14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings

Conference

Conference	14th International Conference on Electrical and Electronics Engineering, ELECO 2023
Country/Territory	Turkey
City	Virtual, Bursa
Period	30/11/23 → 2/12/23

Bibliographical note

Publisher Copyright:
© 2023 IEEE.

Keywords

diesel fuel price
Electric vehicle
grid tariff
HPS capital cost
optimization

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/ELECO60389.2023.10415979

Cite this

Terkes, M., Demirci, A., Ozturk, Z., Ozturk, A., Tosun, S., & Andic, C. (2023). The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System. In 14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings (14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ELECO60389.2023.10415979

Terkes, Musa ; Demirci, Alpaslan ; Ozturk, Zafer et al. / The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System. 14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings. Institute of Electrical and Electronics Engineers Inc., 2023. (14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings).

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abstract = "Clean energy-focused hybrid power systems (HPS) can help countries with their sustainable development plans. Optimal sizing of HPS depending on the varying countries' economic conditions in a reliable and robust strategy can reduce investment risks. This study performed optimal PV-DG-ESS based HPS sizing and feasibility analyses for Antalya, considering T{\"u}rkiye's last ten years' interest and inflation rates, energy purchase costs, diesel costs, HPS investment, and operating costs. Moreover, the scope of the study is extended by sensitivity analyses on solar radiation, interest, and inflation. The results show that the proposed optimal HPS can reduce electricity purchase costs by up to $143.8 thousand/year and increase the renewable fraction by up to 74%, considering the current economic and climatic conditions. According to the sensitivity analysis, the grid was preferred in scenarios where solar radiation was lower than 5.5 kWh/m2/day. The research revealed the impact of economic conditions on HPS and is expected to guide investors and policymakers.",

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Terkes, M, Demirci, A, Ozturk, Z, Ozturk, A, Tosun, S & Andic, C 2023, The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System. in 14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings. 14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings, Institute of Electrical and Electronics Engineers Inc., 14th International Conference on Electrical and Electronics Engineering, ELECO 2023, Virtual, Bursa, Turkey, 30/11/23. https://doi.org/10.1109/ELECO60389.2023.10415979

The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System. / Terkes, Musa; Demirci, Alpaslan; Ozturk, Zafer et al.
14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings. Institute of Electrical and Electronics Engineers Inc., 2023. (14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Andic, Cenk

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Terkes M, Demirci A, Ozturk Z, Ozturk A, Tosun S, Andic C. The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System. In 14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings. Institute of Electrical and Electronics Engineers Inc. 2023. (14th International Conference on Electrical and Electronics Engineering, ELECO 2023 - Proceedings). doi: 10.1109/ELECO60389.2023.10415979

The Effect of Economic Conditions on Optimal Sizing and Feasibility of Hybrid Power System

Abstract

Publication series

Conference

Bibliographical note

Keywords

UN SDGs

Access to Document

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