The project aims to improve an existing single-stage investment optimization model to include several stages that allow simulations from 2030 to 2050. Using the developed model, the study will assess different investment strategies in renewable power plants and storage technologies to understand how the profitability of those projects varies depending on the evolution of electricity prices in the market. The developed model would provide the optimal investment for each type of technology while representing the system operation at every hour of the year, considering several stages along the planning horizon. The application to the Spanish system through a stylized case study will be used to formulate different investment strategies on solar, wind, and batteries. Results and sensitivities to the main parameters, such as investment cost, capacity factors, round-trip efficiencies, CO2 prices, and others, will be analyzed.
