Technoeconomic A​nalysis Pathway​​​

Assessing t​​​he technoeconomic viability of specific grid-energy portfolios (such as nuclear power, hydrogen production, water desalination, and energy storage) within a specific geographical location of the country involves optimization of the portfolio based on statistical economic metrics and stochastic scenario-based dispatch optimization. This pathway uses characteristic ramp rates and transfer functions of the portfolio systems representing the process models, hourly pricing data of the electrical and commodities markets, and historical data such as load, electricity pricing, solar, and wind data to perform a multilevel optimization resulting in optimal statistical economic metrics and configurations for grid-energy systems.

HERON Portfolio Optimization example. In this study, an IES comprising a High Temperature Steam Electrolysis (HTSE) hydrogen generation plant, hydrogen storage, a contract hydrogen market, and an adjustment to the Nuclear Power Plant (NPP) cost per gigawatt of electricity were optimized to maximize the Net Present Value (NPV). The system was considered in Illinois (IL) in a deregulated market with an expected carbon tax policy. Details can be found in the full report.