IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v84y2015icp656-665.html
   My bibliography  Save this article

Comparison of large scale solar PV (photovoltaic) and nuclear power plant investments in an emerging market

Author

Listed:
  • Karaveli, Abdullah Bugrahan
  • Soytas, Ugur
  • Akinoglu, Bulent G.

Abstract

We examine and compare economic feasibilities and environmental effects of two energy investments options in Turkey: a NE-PP (nuclear power plant) in Mersin province on the Mediterranean coast and a large scale photovoltaic solar energy power plant (PV-PP) to be built in a governmentally reserved land area in mid-south Anatolia, namely Karapinar Energy Specialized Industrial Zone (Karapinar-ESIZ). Total installed power of both plants is taken to be 4800 MW, which is the contracted value for the four units of NE-PP. In terms of investments and energy outputs, both options have their respective advantages and disadvantages over the other. While PV-PP is cheaper without land cost, NE-PP produces quite more electricity throughout its lifetime. Applying a tool to calculate the emission factor for an electricity system (taken from UNFCCC), although NE-PP has more cumulative CO2 emission reduction potential than PV-PP, PV-PP seems slightly more advantageous in terms of CO2 reduction per unit of produced electricity. PV-PP needs more land area than NE-PP; however, it requires considerably less time for commissioning and decommissioning. The outcomes of the study notably reveal that the NE-PP has a payback only if inflation rate is taken into consideration in the unit electricity price, while PV-PP pays back with and without inflation rate.

Suggested Citation

  • Karaveli, Abdullah Bugrahan & Soytas, Ugur & Akinoglu, Bulent G., 2015. "Comparison of large scale solar PV (photovoltaic) and nuclear power plant investments in an emerging market," Energy, Elsevier, vol. 84(C), pages 656-665.
    • Handle: RePEc:eee:energy:v:84:y:2015:i:c:p:656-665
    DOI: 10.1016/j.energy.2015.03.025
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0360544215003199
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.energy.2015.03.025?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Mai, Trieu & Mulcahy, David & Hand, M. Maureen & Baldwin, Samuel F., 2014. "Envisioning a renewable electricity future for the United States," Energy, Elsevier, vol. 65(C), pages 374-386.
    2. Oecd, 2013. "Turkey Assessment Report 2013," SIGMA Country Assessment Reports 2013/2, OECD Publishing.
    3. Cellura, M. & Di Gangi, A. & Longo, S. & Orioli, A., 2012. "Photovoltaic electricity scenario analysis in urban contests: An Italian case study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(4), pages 2041-2052.
    4. Badescu, Viorel, 1999. "Correlations to estimate monthly mean daily solar global irradiation: application to Romania," Energy, Elsevier, vol. 24(10), pages 883-893.
    5. Pacca, Sergio & Sivaraman, Deepak & Keoleian, Gregory A., 2007. "Parameters affecting the life cycle performance of PV technologies and systems," Energy Policy, Elsevier, vol. 35(6), pages 3316-3326, June.
    6. Varun & Bhat, I.K. & Prakash, Ravi, 2009. "LCA of renewable energy for electricity generation systems--A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(5), pages 1067-1073, June.
    7. Yang, Chi-Jen, 2010. "Reconsidering solar grid parity," Energy Policy, Elsevier, vol. 38(7), pages 3270-3273, July.
    8. Hernández-Moro, J. & Martínez-Duart, J.M., 2013. "Analytical model for solar PV and CSP electricity costs: Present LCOE values and their future evolution," Renewable and Sustainable Energy Reviews, Elsevier, vol. 20(C), pages 119-132.
    9. Sherwani, A.F. & Usmani, J.A. & Varun, 2010. "Life cycle assessment of solar PV based electricity generation systems: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(1), pages 540-544, January.
    10. Ahmad, Ali & Ramana, M.V., 2014. "Too costly to matter: Economics of nuclear power for Saudi Arabia," Energy, Elsevier, vol. 69(C), pages 682-694.
    11. Poinssot, Ch. & Bourg, S. & Ouvrier, N. & Combernoux, N. & Rostaing, C. & Vargas-Gonzalez, M. & Bruno, J., 2014. "Assessment of the environmental footprint of nuclear energy systems. Comparison between closed and open fuel cycles," Energy, Elsevier, vol. 69(C), pages 199-211.
    12. Zweibel, Ken, 2010. "Should solar photovoltaics be deployed sooner because of long operating life at low, predictable cost?," Energy Policy, Elsevier, vol. 38(11), pages 7519-7530, November.
    13. van der Zwaan, Bob & Rabl, Ari, 2004. "The learning potential of photovoltaics: implications for energy policy," Energy Policy, Elsevier, vol. 32(13), pages 1545-1554, September.
    14. Fernandes, Liliana & Ferreira, Paula, 2014. "Renewable energy scenarios in the Portuguese electricity system," Energy, Elsevier, vol. 69(C), pages 51-57.
    15. Cowan, Robin, 1990. "Nuclear Power Reactors: A Study in Technological Lock-in," The Journal of Economic History, Cambridge University Press, vol. 50(3), pages 541-567, September.
    16. Djurdjevic, Dusan Z., 2011. "Perspectives and assessments of solar PV power engineering in the Republic of Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(5), pages 2431-2446, June.
    17. Turney, Damon & Fthenakis, Vasilis, 2011. "Environmental impacts from the installation and operation of large-scale solar power plants," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(6), pages 3261-3270, August.
    18. Karakosta, Charikleia & Pappas, Charalampos & Marinakis, Vangelis & Psarras, John, 2013. "Renewable energy and nuclear power towards sustainable development: Characteristics and prospects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 22(C), pages 187-197.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fan, Jing-Li & Xu, Mao & Yang, Lin & Zhang, Xian, 2019. "Benefit evaluation of investment in CCS retrofitting of coal-fired power plants and PV power plants in China based on real options," Renewable and Sustainable Energy Reviews, Elsevier, vol. 115(C).
    2. Ozden, Talat & Akinoglu, Bulent G. & Turan, Rasit, 2017. "Long term outdoor performances of three different on-grid PV arrays in central Anatolia – An extended analysis," Renewable Energy, Elsevier, vol. 101(C), pages 182-195.
    3. Sirin, Selahattin Murat & Sevindik, Irem, 2021. "An analysis of Turkey's solar PV auction scheme: What can Turkey learn from Brazil and South Africa?," Energy Policy, Elsevier, vol. 148(PA).
    4. Fan, Jing-Li & Wei, Shijie & Yang, Lin & Wang, Hang & Zhong, Ping & Zhang, Xian, 2019. "Comparison of the LCOE between coal-fired power plants with CCS and main low-carbon generation technologies: Evidence from China," Energy, Elsevier, vol. 176(C), pages 143-155.
    5. Jacqueline CK Lam & Victor OK Li & David M. Reiner & Yang Han & Shan Shan Wang, 2018. "Trust in Government and Effective Nuclear Safety Governance in Great Britain," Working Papers EPRG 1811, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    6. Espinoza, R. & Muñoz-Cerón, E. & Aguilera, J. & de la Casa, J., 2019. "Feasibility evaluation of residential photovoltaic self-consumption projects in Peru," Renewable Energy, Elsevier, vol. 136(C), pages 414-427.
    7. Yang, Changhui & Jiang, Qi & Cui, Yangyu & He, Lijun, 2023. "Photovoltaic project investment based on the real options method: An analysis of the East China power grid region," Utilities Policy, Elsevier, vol. 80(C).
    8. Melikoglu, Mehmet, 2016. "The role of renewables and nuclear energy in Turkey׳s Vision 2023 energy targets: Economic and technical scrutiny," Renewable and Sustainable Energy Reviews, Elsevier, vol. 62(C), pages 1-12.
    9. Sandro Sacchelli & Valerii Havrysh & Antonina Kalinichenko & Dariusz Suszanowicz, 2022. "Ground-Mounted Photovoltaic and Crop Cultivation: A Comparative Analysis," Sustainability, MDPI, vol. 14(14), pages 1-20, July.
    10. Jordehi, A. Rezaee, 2016. "Parameter estimation of solar photovoltaic (PV) cells: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 61(C), pages 354-371.
    11. Kulat, Muhammed Imran & Tosun, Kursad & Karaveli, Abdullah Bugrahan & Yucel, Ismail & Akinoglu, Bulent Gultekin, 2023. "A sound potential against energy dependency and climate change challenges: Floating photovoltaics on water reservoirs of Turkey," Renewable Energy, Elsevier, vol. 206(C), pages 694-709.
    12. Diego Oliva & Ahmed A. Ewees & Mohamed Abd El Aziz & Aboul Ella Hassanien & Marco Peréz-Cisneros, 2017. "A Chaotic Improved Artificial Bee Colony for Parameter Estimation of Photovoltaic Cells," Energies, MDPI, vol. 10(7), pages 1-19, June.
    13. Junedi, M.M. & Ludin, N.A. & Hamid, N.H. & Kathleen, P.R. & Hasila, J. & Ahmad Affandi, N.A., 2022. "Environmental and economic performance assessment of integrated conventional solar photovoltaic and agrophotovoltaic systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 168(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hernández-Moro, J. & Martínez-Duart, J.M., 2013. "Analytical model for solar PV and CSP electricity costs: Present LCOE values and their future evolution," Renewable and Sustainable Energy Reviews, Elsevier, vol. 20(C), pages 119-132.
    2. Vimpari, Jussi & Junnila, Seppo, 2017. "Evaluating decentralized energy investments: Spatial value of on-site PV electricity," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 1217-1222.
    3. Ouedraogo, Bachir I. & Kouame, S. & Azoumah, Y. & Yamegueu, D., 2015. "Incentives for rural off grid electrification in Burkina Faso using LCOE," Renewable Energy, Elsevier, vol. 78(C), pages 573-582.
    4. Cartelle Barros, Juan José & Lara Coira, Manuel & de la Cruz López, María Pilar & del Caño Gochi, Alfredo, 2015. "Assessing the global sustainability of different electricity generation systems," Energy, Elsevier, vol. 89(C), pages 473-489.
    5. Ozden, Talat & Akinoglu, Bulent G. & Turan, Rasit, 2017. "Long term outdoor performances of three different on-grid PV arrays in central Anatolia – An extended analysis," Renewable Energy, Elsevier, vol. 101(C), pages 182-195.
    6. Nugent, Daniel & Sovacool, Benjamin K., 2014. "Assessing the lifecycle greenhouse gas emissions from solar PV and wind energy: A critical meta-survey," Energy Policy, Elsevier, vol. 65(C), pages 229-244.
    7. Ludin, Norasikin Ahmad & Mustafa, Nur Ifthitah & Hanafiah, Marlia M. & Ibrahim, Mohd Adib & Asri Mat Teridi, Mohd & Sepeai, Suhaila & Zaharim, Azami & Sopian, Kamaruzzaman, 2018. "Prospects of life cycle assessment of renewable energy from solar photovoltaic technologies: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 96(C), pages 11-28.
    8. Prehoda, Emily W. & Pearce, Joshua M., 2017. "Potential lives saved by replacing coal with solar photovoltaic electricity production in the U.S," Renewable and Sustainable Energy Reviews, Elsevier, vol. 80(C), pages 710-715.
    9. Gerbinet, Saïcha & Belboom, Sandra & Léonard, Angélique, 2014. "Life Cycle Analysis (LCA) of photovoltaic panels: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 38(C), pages 747-753.
    10. Irfan, Muhammad & Iqbal, Jamshed & Iqbal, Adeel & Iqbal, Zahid & Riaz, Raja Ali & Mehmood, Adeel, 2017. "Opportunities and challenges in control of smart grids – Pakistani perspective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 71(C), pages 652-674.
    11. Bocca, Alberto & Chiavazzo, Eliodoro & Macii, Alberto & Asinari, Pietro, 2015. "Solar energy potential assessment: An overview and a fast modeling approach with application to Italy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 49(C), pages 291-296.
    12. Turconi, Roberto & Boldrin, Alessio & Astrup, Thomas, 2013. "Life cycle assessment (LCA) of electricity generation technologies: Overview, comparability and limitations," Renewable and Sustainable Energy Reviews, Elsevier, vol. 28(C), pages 555-565.
    13. Mahmud, M.A. Parvez & Huda, Nazmul & Farjana, Shahjadi Hisan & Lang, Candace, 2020. "Life-cycle impact assessment of renewable electricity generation systems in the United States," Renewable Energy, Elsevier, vol. 151(C), pages 1028-1045.
    14. Koppelaar, R.H.E.M., 2017. "Solar-PV energy payback and net energy: Meta-assessment of study quality, reproducibility, and results harmonization," Renewable and Sustainable Energy Reviews, Elsevier, vol. 72(C), pages 1241-1255.
    15. Bazilian, Morgan & Onyeji, Ijeoma & Liebreich, Michael & MacGill, Ian & Chase, Jennifer & Shah, Jigar & Gielen, Dolf & Arent, Doug & Landfear, Doug & Zhengrong, Shi, 2013. "Re-considering the economics of photovoltaic power," Renewable Energy, Elsevier, vol. 53(C), pages 329-338.
    16. Sumper, Andreas & Robledo-García, Mercedes & Villafáfila-Robles, Roberto & Bergas-Jané, Joan & Andrés-Peiró, Juan, 2011. "Life-cycle assessment of a photovoltaic system in Catalonia (Spain)," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(8), pages 3888-3896.
    17. Bhutto, Abdul Waheed & Bazmi, Aqeel Ahmed & Zahedi, Gholamreza, 2012. "Greener energy: Issues and challenges for Pakistan—Solar energy prospective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 2762-2780.
    18. Orioli, Aldo & Di Gangi, Alessandra, 2017. "Six-years-long effects of the Italian policies for photovoltaics on the grid parity of grid-connected photovoltaic systems installed in urban contexts," Energy, Elsevier, vol. 130(C), pages 55-75.
    19. Orioli, Aldo & Di Gangi, Alessandra, 2014. "Review of the energy and economic parameters involved in the effectiveness of grid-connected PV systems installed in multi-storey buildings," Applied Energy, Elsevier, vol. 113(C), pages 955-969.
    20. Pramod Rajput & Maria Malvoni & Nallapaneni Manoj Kumar & O. S. Sastry & Arunkumar Jayakumar, 2020. "Operational Performance and Degradation Influenced Life Cycle Environmental–Economic Metrics of mc-Si, a-Si and HIT Photovoltaic Arrays in Hot Semi-arid Climates," Sustainability, MDPI, vol. 12(3), pages 1-20, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:energy:v:84:y:2015:i:c:p:656-665. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.