Assessment of the Economic Viability of Nuclear-Renewable Hybrid Energy Systems: Case for Ghana

Developing economies spend a greater proportion of their GDP on the importation of fossil fuels to ensure sustainable electricity generation. However, the use of fossil fuels has negative environmental consequences that hinder sustainable development. Therefore, clean energy solutions are required to address the challenges of sustainable development. The flexible operation and load-following mode of some nuclear power plants serve as backup to intermittent renewables. Based on the Ghana Renewable and Nuclear Power agenda, the integration of nuclear and renewable energy for electricity generation is essential for sustainable development. The study undertakes a financial performance analysis of nuclear and renewable hybrid energy systems (N-R HES) using the HOMER software for optimization analysis. The study results show that the proposed grid-tied N-R HES has an NPV of US${\$}$770,661, US${\$}$763,007 and US${\$}$763,065 for Site I, Site II, and Site III, respectively. Compared to Ghana’s 2021 tariff rate, the cost of energy (COE) is expensive for the lifeline consumer (0.05USD/kWh) but cheap for the bulk commercial consumer (0.2 USD/kWh). Therefore, the economic viability analysis recommends a novel alternative to stimulate commercial activities, especially small and medium enterprises (SMEs), while serving as future clean energy solutions for Ghana and the West African sub-region.