Renewable Energy Competitiveness Models and Competitiveness Criterion

Renewable energy sources’ competitiveness assessment is a topic problem. Optimal integration of renewables with a smart grid requires developing complex models and considerable resources and efforts, and it is costly. This study discusses deterministic, stochastic, and chance-constrained renewable energy competitiveness models in simple forms, and a competitiveness criterion for renewable energy sources. This criterion relates to a unit economic metric, unit productivity of renewable energy sources, and an economic metric of conventional energy sources. It is simple, dimensionless, explainable, specific, measurable, attainable, and relevant. It helps to determine the competitiveness of renewable energy sources efficiently, easily, and quickly. The case studies demonstrate that the proposed criterion works well. This criterion may help create viable renewable energy strategies, scenarios, and policies thanks to the opportunity to establish proper directions for economic and technological improvement of renewable energy to reach its competitiveness with conventional sources in the best ways.