Techno-Economic Optimization of Energy Systems

The transition towards renewable energy systems presents both opportunities and challenges, particularly in ensuring economic viability under high levels of renewable penetration. Business cases are often complicated by uncertainties such as fluctuating energy prices and variations in consumer behaviour. This research addresses these challenges by advancing techno-economic models and optimisation techniques to support robust energy system sizing, with a focus on solutions that generate value locally while also participating in wider energy markets. Using real-world datasets on consumption, production, and market prices, simulations were conducted to evaluate the performance of photovoltaic (PV) installations, battery storage, and smart electric vehicle (EV) charging. The analysis explored multiple scenarios across a broad range of asset sizes, assessing both cost and emission impacts. Findings indicate that while increased PV capacity improves self-sufficiency and annual value, batteries often reduce annual value unless additional revenue is obtained through ancillary services such as grid balancing. Moreover, the optimisation of EV charging emerged as a key driver of economic performance: smart charging strategies not only enhanced the net present value of charging hubs but also supported the integration of larger PV systems, particularly when combined with office load profiles. The results suggest that mid-size batteries are unlikely to be economically viable in shared energy districts unless coupled with ancillary services, whereas PV systems remain promising for large buildings or sites, albeit with strong sensitivity to cost and price dynamics. Smart EV charging demonstrates substantial cost reduction potential without compromising user comfort, while also increasing the viability of renewable integration. Future work will focus on reducing model complexity for large-scale stochastic systems and designing evolutionary algorithms to further improve asset sizing optimisation.