Reduction of energy costs and grid instability with energy flexible furnaces

Köse, Ekrem; Sauer, Alexander

doi:10.1016/j.procir.2018.03.222

Cited by 11 publications

(2 citation statements)

References 8 publications

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“…Through the PV, the profitability of the project in photovoltaic panels for the production of solar electrical energy in a forest nursery showed a significant variation reflected in the standard deviation. This result captured the instability of the electricity market, corroborating [89,90].…”

Section: Discussionmentioning

confidence: 53%

Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis

et al. 2023

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With the growing demand for investment projects in renewable energy, it is essential for the economic feasibility analysis to consider the inherent uncertainties of these projects and enable more accurate investment decisions. In this way, we analyze whether investment projects in photovoltaic panels to produce electrical energy in a forest nursery are economically viable through the analysis of real options. We consider the energy demand of a forest nursery with an initial investment of USD 90,417 in photovoltaic panels. The managerial flexibilities of deferral, expansion of 30.0% of the energy production capacity, and the project’s abandonment were inserted into the binomial model of the decision tree, built in discrete time. The project’s expanded net present value was 79.2% higher than the traditional net present value, capturing the value of flexibilities for managers. The deferral option was the one that most impacted the expanded net present value. Investment projects in photovoltaic panels to produce electricity in a forest nursery are economically viable when analyzed through real options.

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Section: Discussionmentioning

confidence: 53%

Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis

et al. 2023

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“…This also results in a new target dimension in manufacturing system design and operation [12]. Examples are the storing of energy, adapting the process start or shift time, or changing the energy carrier [13,14]. Machines or processes with the ability of the latter are called bivalent or hybrid systems [15].…”

Section: Introductionmentioning

confidence: 99%

Comparative Life Cycle Sustainability Assessment of Mono- vs. Bivalent Operation of a Crucible Melting Furnace

et al. 2022

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The benefits of energy flexibility measures have not yet been conclusively assessed from an ecological, economic, and social perspective. Until now, analysis has focused on the influence of changes in the energy system and the ecological and economic benefits of these. Therefore, the objective of this study was to perform a life cycle sustainability assessment of energy flexibility measures on the use case of a bivalent crucible melting furnace in comparison with a monovalent one for aluminum light metal die casting. The system boundary was based on a cradle-to-gate approach in Germany and includes the production of the necessary process technologies and energy infrastructure and the utilization phase of the crucible melting furnaces in non-ferrous metallurgy. The LCSA is performed for different economic and environmental scenarios over a 25-year lifetime to account for potential adjustments in the energy system and volatile energy prices. In summary, it can be said that over the entire service life, no complete ecological, economic, and social advantage of energy flexibility measures through a bivalent system can be demonstrated. Only a temporarily better life cycle sustainability performance of the bivalent furnace can be shown. All results must be considered with the caveat that the bivalent crucible melting furnace has not yet been investigated in actual operation and the calculations of the utilization phase are based on the monovalent crucible melting furnace. To further sharpen the results, more research is needed and the use of actual data for bivalent operation.

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Evaluation model for multi-energy carrier facilities within the control energy market

Köse

Sauer

2021

Procedia CIRP

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Reduction of energy costs and grid instability with energy flexible furnaces

Cited by 11 publications

References 8 publications

Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis

Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis

Comparative Life Cycle Sustainability Assessment of Mono- vs. Bivalent Operation of a Crucible Melting Furnace

Evaluation model for multi-energy carrier facilities within the control energy market

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