Techno-Economic Analysis of Solar Power Plants in Kuwait: Modelling the Performance of PV and CSP Systems

Abstract

In order to evaluate the provision of solar power plants in Kuwait, techno-economic analysis has been performed for photovoltaic (PV) and concentrated solar (CSP) power plants with a capacity of 100 MW. The optimal location for the power plants is determined to be Al-Wafra in Kuwait. The analysis results have been compared, and the advantages and disadvantages of each technology are reported. The CSP power plant requires USD 480million, and the PV power plant requires USD 100million capital investment. The annual cost of the CSP plant is estimated at USD 9.5 million, while the annual cost of the PV plant is estimated at USD 0.8million. Conversely, the annual revenue and savings from CSP plants would be over USD 46million, whereas PV plants would be around USD 20million. According to simulations and market research, PV systems are a lower cost option when compared to CSP facilities, require more space, and pose more significant technological challenges. Prices for PV panels are expected to fall further. The low initial cost and short payback period for PV power plants are estimated at around five years compared to approximately 13 years for CSP, making photovoltaic power plants more attractive to investors. Nevertheless, the long-term prospects and higher power capacity of CSP plants will likely attract investors seeking longer-term and higher-capacity outcomes.

The Economic Viability of PV Power Plant Based on a Neural Network Model of Electricity Prices Forecast: A Case of a Developing Market

“…Due to industrialization and fast changes in people's standards of living over the last few decades, the trend in energy consumption levels has been increasing worldwide [1]. Energy demand may surge by nearly 50% by 2050, according to projections of energy usage [2]. Moreover, greenhouse emissions and global warming have become the most pressing problems policymakers around the world face.…”