American Journal of Renewable and Sustainable Energy
Articles Information
American Journal of Renewable and Sustainable Energy, Vol.1, No.1, May 2015, Pub. Date: Apr. 10, 2015
An Optimal Feed-In-Tariff Policy for Renewable Energies Using A Markov Model
Pages: 1-8 Views: 3454 Downloads: 1187
Authors
[01] Shahab Bahrami, Department of Electrical Engineering,Sharif University of Technology, Tehran, Iran.
[02] Aras Sheikhi, Department of Electrical Engineering,Sharif University of Technology, Tehran, Iran.
Abstract
Recent developments in renewable energy generation make it possible for renewable sectors to supply considerable share of electricity all around the world. As these sectors get larger, more attention is paid to the implementation of supportive strategies with the aim of motivating renewable energy (RE) developers. At present, Feed-In-Tariff (FIT) policies are regarded as one of the efficient strategies in stimulating renewable energy development and as such, designing approaches and controlling options of these policies are of utmost important. This paper presents a method based on a Markov chain model to investigate the economic benefits associated with the FIT policies. The proposed technique is used to study different aspects of FIT policies by dividing electricity prices, generation conditions and developer's cost-benefits into distinct states. Simulations are performed on a sample wind turbineto examine various features of designing premium price FIT policy.
Keywords
Feed-In-Tariff, Markov Chain Model, Premium Price FIT, Renewable Energy
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