In this study, the effect of adding a Thermal Energy Storage (TES) system on the performance and financial parametric of a solar-based power generation plant is investigated. The effect of the storage period of the TES on the annual energy output, storage volume, net savings, and Levelized Cost of Electricity (LEC) of the plant is studied. The analysis is done for two different Heat Transfer Fluids (HTF) (Therminol VP-1, Hitec Solar Salt) inside the Parabolic Trough Solar Collector (PTSC), and for different storage fluids (Molten Salts, Oils) in an attempt to study its effect on the performance of the TES system and the solar-based power generation plant. In addition, a comparison between passive and active TES systems is conducted. Moreover, a complete thermo-economic analysis based on the Typical Meteorological Year (TMY) values of the city of Abu Dhabi is provided with regards to the operation of the plant with and without a TES system. Further, a study is conducted to investigate the effect of reducing the storage volume of the TES by utilizing parallel TES tanks arrangement. The simulation results suggest that direct-active TES systems are the most efficient. For instance, when Therminol VP-1 is used as an HTF and a storage fluid, the annual energy increased by 77% and reduced LEC from 6.03 c/kWh to 4.09 c/kWh. In addition, the use of parallel arrangement TES tanks increased the net saving of the system from $ 4,757,483 to $ 4,891,279.

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