Impact of daily variation of solar radiation on photovoltaic plants economy at the open market: A case study "Bavaniste" (Serbia)

Abstract

The main purpose of this paper is to propose a correlation index between average time diagram of Photovoltaic Power Plant production and a typical diagram of the price of electrical energy at the open market. The basic idea is to define correlation index, which is of key importance for assessing the economy of a Photovoltaic Power Plant under open market conditions. This index may be useful for investors during evaluation of economic parameters of a Photovoltaic Power Plant project which will one part of its lifetime operate at the open market. In this paper, a case study for the project Bavaniste - Serbia is been presented. The estimated value of correlation index shows that each of the produced MWh at prospective Photovoltaic Power Plant Bavaniste will realize a price at The Germain Electricity Market - EEX, which is on average 20.8% higher than the average annual price of an MWh. By taking example of the prospective Photovoltaic Power Plant located in Bavaniste in Serbia, the proposed methodology has been used to show that the average MWh of electrical energy produced by a Photovoltaic Power Plant at the open market, can be over 20% better valued compare to Wind Power Plant in the same region.