Investment Planning Model and Economics of Wind-Solar-Storage Hybrid Generation Projects Based on Levelized Cost of Electricity

Abstract

With the goal of peaking carbon emission and carbon neutrality, China is developing a renewable-based power system. Investors pay more attend to hybrid generation project, which is friendly to power system. Based on the method of levelized cost of electricity, this study builds an investment planning model of wind-solar photovoltaic-battery storage hybrid project. Results show that the model effectively optimizes the capacity combination of wind, solar PV and battery storage, and improves the economic competiveness of the project, which can support decision making in renewable energy investment.