Economic evaluation of a CHP biomass plant using stochastic dual dynamic programming
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ORIGINAL PAPER
Economic evaluation of a CHP biomass plant using stochastic dual dynamic programming Caio Monteiro Leocadio1 · Carlos Salvador Gomide Richa1 · Marcio Zamboti Fortes1 · Vitor Hugo Ferreira1 · Bruno Henriques Dias2 Received: 19 March 2020 / Accepted: 21 June 2020 © Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract Cogeneration systems have gained prominence in recent years driven by the simultaneous systematic production of heat and electricity, which are involved in industrial and commercial processes. Sugar and alcohol industry has become a reference in the use of cogeneration through the burning of sugarcane bagasse, with an important role in the future policies for generation expansion in Brazil. However, in the economic evaluation of this type of project, some previously ignored variables had a gain of relevance, such as the possibility of selling surplus energy produced by the plant. This paper presents a multiobjective stochastic optimization model using stochastic dynamic dual programming techniques, which seeks to maximize net revenue of a cogeneration project, indicating also the installed power adequate to the fuel availability and the needs of the plant, considering different energy scenarios in the spot market. The results indicate the best configuration for a cogeneration plant, considering the possibility of energy revenue, allowing an easy cost comparison of different alternatives for decision making from the investor’s point of view. Keywords Cogeneration · Stochastic programming · SDDP · Biomass · Sugarcane
1 Introduction Cogeneration is an energy solution proposed and accepted in all the world. Although at the beginning of twentieth century, half of all energy produced in the USA came from cogeneration [1], low cost and high availability of fossil fuels, followed by the construction of large thermoelectric power plants using coal, natural gas, oil derivatives, and later nuclear fuel, caused cogeneration to live a period of decline in its evolution around the world. During the 70’s, the oil crisis greatly encouraged the revival of this technology. American President Jimmy Carter introduced the new term Cogeneration in April 1977 [2], * Marcio Zamboti Fortes [email protected] 1
Postgraduate Program in Electrical Engineering and Telecommunications, Universidade Federal Fluminense (UFF), Passo da Patria St., 156, Niteroi, RJ CEP 24.210‑240, Brazil
Electrical Energy Department, Universidade Federal de Juiz de Fora (UFJF), José Lourenço Kelmer St., University Campus, Juiz de Fora, MG CEP 36036‑330, Brazil
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defining as the production of electricity and other useful forms of energy in the same installation. During the 1980s, cogeneration was once again encouraged due to environmentalists’ concerns about the emission of pollutants from combustion. The technology started to be used around the world from the 90s, with a prominent participation in Europe. Many countries have started to use cogeneration as a basis for sustainable energy policies, promoting
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