ABSTRACT This study provides a techno‐economic assessment of a 100 MW rated concentrated solar power (CSP) system with thermal energy storage (TES) to enable 24‐h power generation. The assessed CSP‐TES system utilises ET150 parabolic trough collectors, Therminol VP‐1 thermal oil as the heat transfer medium, a KNO 3 /NaNO 3 molten salt mixture as the heat storage medium, and a steam Rankine cycle within the power block. The size and performance of the CSP‐TES system were determined using solar irradiance data, mass and energy balance modelling, and Aspen HYSYS simulation. Detailed cost analysis was performed to calculate the current levelised cost of electricity (LCOE) of the CSP‐TES system, with additional sensitivity analysis to derive a model to evaluate the impact of capital and operating cost reductions, technology‐driven performance improvements, and changing financial market conditions. Results predicted a 7. 8% annual reduction in the LCOE of the CSP‐TES system, with the current LCOE of 92. 46/MWh projected to reach ~62/MWh by 2030. This trajectory will position CSP‐TES systems as a competitive renewable energy option in the near future, along with solar photovoltaic and wind technology.
Morrison et al. (Mon,) studied this question.