Floating solar power plant planning based on electricity price fluctuations in Towuti, south Sulawesi
Department of Industrial Engineering, Faculty of Engineering, Diponegoro University, Jl. Prof. Soedarto, SH, Undip Tembalang Campus, Semarang, Indonesia 50275.
Research Article
World Journal of Advanced Engineering Technology and Sciences, 2024, 12(01), 013–021.
Article DOI: 10.30574/wjaets.2024.12.1.0159
Publication history:
Received on 15 March 2024; revised on 01 May 2024; accepted on 04 May 2024
Abstract:
A company located in South Sulawesi, intends to mitigate emissions from the Power Plant by constructing an environmentally friendly alternative, namely the Floating Solar Power Plant (FSPP), in Towuti. The development plan involves a feasibility analysis for each configuration of the FSPP, considering technological, economic, and environmental criteria. The selection of the preferred configuration is determined using the Analytical Hierarchy Process (AHP) method, based on input from experts. According to this method, the chosen configuration is the on-grid non-battery Floating Solar Power Plant, with a Net Present Value of Rp. 1,431,159,245,752, an Internal Rate of Return of 9.46%, a Payback Period of 8.916 years, a Profitability Ind ex of 1.299, a system efficiency of 21.56%, a carbon footprint of 35,003 kg CO2, and an emission reduction of 9,136,808,273 kg CO2. Decision analysis, involving open and abandonment scenarios based on fluctuations in industrial electricity prices, was conducted using Monte Carlo simulation, yielding a volatility value of 31.2%. The real options analysis recommends abandonment in the twentieth year, with a decision success potential of 38%, based on the results.
Keywords:
Dedieselization; Floating Solar Power Plant; Feasibility Study; Real Option Analysis
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