Estimation of Electromechanical Equipment Cost for Hydropower Plants Taking into Account of Continental Factors

Abstract

Development of small hydropower plants depends on its economic and financial feasibility, which must be evaluated by cost estimates before construction. Cost of electromechanical (EM) equipment represents the major portion of the total plant budget. The paper presents new cost estimation approach for EM equipment of hydropower plants. Compared to the literature approaches, the proposed cost correlation is elaborated basing on dataset of hydropower plants located in different continents. Furthermore, the transport cost has been considered of continental factors. Mono-and multi-objective genetic algorithm (GA) optimization have been both applied and compared to determine the best cost correlation. The accuracy of this best cost correlation is validated by using statistical analysis tools to compare it with the equation deduced from the best model reviewed in the literature. The results have shown that the bivariate correlation, viz., the Pearson Product Moment Correlation Coefficient (PPMCC), is slightly improved from 98 % to 99 %. The Mean Square Relative Error (MSRE) is substantially improved from 4.47 % to 1.82 %, and the Utmost Square Relative Error (USRE) from 45.2 % to 11.4 %. Indeed, the proposed cost correlation gives a more accurate estimate of EM equipment cost of hydropower plants in different continents.