Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties

Expenditure for energy utilities is significant for most process plants. The identification and implementation of various energy conservation projects are essential in reducing the operating cost and greenhouse gas emissions associated with energy use. Typically, energy conservation projects need ca...

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Autores principales:	Avishek Ray, Nikolaos Kazantzis, Dominic C.Y. Foo, Vasiliki Kazantzi, Raymond R. Tan, Santanu Bandyopadhyay
Formato:	article
Lenguaje:	EN
Publicado:	AIDIC Servizi S.r.l. 2021
Materias:	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895
Acceso en línea:	https://doaj.org/article/7ecb8eb935384b759e204bd2cf260e2d
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spelling	oai:doaj.org-article:7ecb8eb935384b759e204bd2cf260e2d2021-11-15T21:49:01ZFinancial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties10.3303/CET21880182283-9216https://doaj.org/article/7ecb8eb935384b759e204bd2cf260e2d2021-11-01T00:00:00Zhttps://www.cetjournal.it/index.php/cet/article/view/11811https://doaj.org/toc/2283-9216Expenditure for energy utilities is significant for most process plants. The identification and implementation of various energy conservation projects are essential in reducing the operating cost and greenhouse gas emissions associated with energy use. Typically, energy conservation projects need capital investments drawn from limited funding sources. Appropriate selection of these projects is important to ensure overall financial and environmental benefits. Varying energy prices, an evolving carbon emissions regulatory regime, changes in product quality, energy efficiency requirements, and unscheduled maintenance of different process equipment/units make the overall financial returns inherently uncertain. In this work, Financial Pinch Analysis is extended to incorporate uncertainties for the appropriate selection of energy conservation projects. Monte Carlo simulations are performed to account for various sources of uncertainty in financial return metrics for the energy conservation projects. A stochastic linear programming problem is formulated to identify appropriate energy conservation projects. The chance constraint programming method is applied to convert the original stochastic linear programming problem into a deterministic Pinch Analysis framework at different reliability levels. The applicability of the proposed method is illustrated through an example.Avishek RayNikolaos KazantzisDominic C.Y. FooVasiliki KazantziRaymond R. TanSantanu BandyopadhyayAIDIC Servizi S.r.l.articleChemical engineeringTP155-156Computer engineering. Computer hardwareTK7885-7895ENChemical Engineering Transactions, Vol 88 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895
spellingShingle	Chemical engineering TP155-156 Computer engineering. Computer hardware TK7885-7895 Avishek Ray Nikolaos Kazantzis Dominic C.Y. Foo Vasiliki Kazantzi Raymond R. Tan Santanu Bandyopadhyay Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
description	Expenditure for energy utilities is significant for most process plants. The identification and implementation of various energy conservation projects are essential in reducing the operating cost and greenhouse gas emissions associated with energy use. Typically, energy conservation projects need capital investments drawn from limited funding sources. Appropriate selection of these projects is important to ensure overall financial and environmental benefits. Varying energy prices, an evolving carbon emissions regulatory regime, changes in product quality, energy efficiency requirements, and unscheduled maintenance of different process equipment/units make the overall financial returns inherently uncertain. In this work, Financial Pinch Analysis is extended to incorporate uncertainties for the appropriate selection of energy conservation projects. Monte Carlo simulations are performed to account for various sources of uncertainty in financial return metrics for the energy conservation projects. A stochastic linear programming problem is formulated to identify appropriate energy conservation projects. The chance constraint programming method is applied to convert the original stochastic linear programming problem into a deterministic Pinch Analysis framework at different reliability levels. The applicability of the proposed method is illustrated through an example.
format	article
author	Avishek Ray Nikolaos Kazantzis Dominic C.Y. Foo Vasiliki Kazantzi Raymond R. Tan Santanu Bandyopadhyay
author_facet	Avishek Ray Nikolaos Kazantzis Dominic C.Y. Foo Vasiliki Kazantzi Raymond R. Tan Santanu Bandyopadhyay
author_sort	Avishek Ray
title	Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
title_short	Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
title_full	Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
title_fullStr	Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
title_full_unstemmed	Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties
title_sort	financial pinch analysis for selection of energy conservation projects with uncertainties
publisher	AIDIC Servizi S.r.l.
publishDate	2021
url	https://doaj.org/article/7ecb8eb935384b759e204bd2cf260e2d
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_version_	1718426795622006784

Financial Pinch Analysis for Selection of Energy Conservation Projects with Uncertainties

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