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Carbon geological storage (CGS) is one of the key processes in carbon capture and storage (CCS) technologies, which are used to reduce CO2 emissions and achieve carbon-neutrality and net-zero emissions in developing countries. In Thailand, the Mae Moh basin is a potential site for implementing CGS due to the presence of a structural trap that can seal the CO2 storage formation. However, the cost of CGS projects needs to be subsidized by selling carbon credits in order to reach the project breakeven. Therefore, this paper estimates the economic components of a CGS project in the Mae Moh basin by designing the well completion and operating parameters for CO2 injection. The capital costs and operating costs of the process components were calculated, and the minimum carbon credit cost required to cover the total costs of the CGS project was determined. The results indicate that the designed system proposes an operating gas injection rate of 1.454 MMscf/day, which is equivalent to 29,530 tCO2e per year per well. Additionally, the minimum carbon credit cost was estimated to be USD 70.77 per tCO2e in order to achieve breakeven for the best case CGS project, which was found to be much higher than the current market price of carbon credit in Thailand, at around USD 3.5 per tCO2e. To enhance the economic prospects of this area, it is imperative to promote a policy of improving the cost of carbon credit for CGS projects in Thailand. [ABSTRACT FROM AUTHOR]

The basic requirements for the design of a switchgear for main 35–220 kV step-down substations are reliability and efficiency. Switchgear circuits are chosen depending on the number of supply and transit lines and transformers, the substation's place in the power supply system, and the area that can be allocated under the substation construction. The substation switchgear's reliability depends on the circuit type and the equipment to be installed. When designing, as a rule, standard substation switchgear circuit solutions are chosen with often unreasonably overstated reliability indicators and, as a consequence, capital costs. This paper explores the issues of automated choice of the best option for the 35–220 kV substation switchgear circuit, considering its structural reliability and additional costs for the area allocated under the electrical unit. A distinctive feature of the work is a comprehensive accounting of the reliability indicators of the substation and the influence of the layout of switchgear circuits as a whole on the performance indicators of future electrical installations. The developed technique is used at the pre-design stages and allows for reducing further capital, maintenance, and repair costs for electrical units by up to 14.5%. The developed approach is implemented in the original TER CAD software product. [ABSTRACT FROM AUTHOR]

To mitigate the effect of CO2 on climate change, significant efforts have been made in the past few decades to capture CO2, which can then be further sequestered or converted into value-added compounds, such as methanol and hydrocarbons, by using thermochemical or electrocatalytic processes. However, CO2 capture and conversion have primarily been studied independently, resulting in individual processes that are highly energy-intensive and less economically viable due to high capital and operation costs. To enhance the overall process efficiency, integrating CO2 capture and conversion into a single system offers an opportunity for a more streamlined process that can reduce energy and capital costs. This strategy can be achieved by employing dual function materials (DFMs), which possess the unique capability to simultaneously adsorb and convert CO2. These materials combine basic metal oxides with active metal catalytic sites that enable both sorption and conversion functions. In this review paper, we focus on the recent strategies that utilize mixed metal oxides as DFMs. Their material design and characteristics, reaction mechanisms, as well as performance and limitations will be discussed. We will also address the challenges associated with this integrated system and attempt to provide insights for future research endeavors. [ABSTRACT FROM AUTHOR]

In capital-intensive organizations, decisions regarding capital costs play an important role due to the significant amount of investment required and the expected return on investment. Spare parts management is crucial to those ends, as spare parts management can constitute a significant portion of OPEX. Companies must implement a trade-off analysis between stock levels and assets' availability. Decision-making supports mechanisms such as the Level of Repair Analysis (LORA), Integrated Logistics Systems (ILS), and life-cycle costing (LCC) models have been developed to aid in equipment selection, implementation, and decommissioning. Nowadays, these mechanisms appear to be integrated with risk-management models and standards. This paper proposes a long-term costing model that integrates a capacity analysis, reliability functions, and risk considerations for the cost management of logistics activities, particularly in MRO structures. The model is built upon Time-Driven Activity-Based Costing (TD-ABC) and incorporates the volume of activities generated by MRO needs. It also addresses uncertainty through the integration of a cost-at-risk model. By integrating spare parts, activity-based cost models, and risk measurement through Monte Carlo simulation, this study offers powerful insights into optimizing spare parts logistics activities. The proposed model is a novel approach to include the risk of cost in spare parts management, and its matrix-activity-based structure makes possible the development of sophisticated mathematical models for costing and optimization purposes in different domains. [ABSTRACT FROM AUTHOR]

The modern capital cost and capital structure theory—the Brusov–Filatova–Orekhova (BFO) theory and its perpetuity limit, the Modigliani–Miller theory—describe the case of the payments of income tax at the end of the year. However, in practice, companies could make these payments in advance. Recently, the Modigliani–Miller theory has been modified for the case of advanced payments of income tax and has shown that the obtained results are quite different from ones in the "classical" Modigliani–Miller theory. In the current paper, for the first time, we modify the Brusov–Filatova–Orekhova (BFO) theory for the case of advanced payments of income tax and show that the impact of the transition to advance payments is much more significant than in the case of a perpetuity limit (the MM theory) and even leads to a qualitatively new effect in the dependence of equity cost on leverage. An important conclusion drawn in this paper is that the tax shield is very important, and the way it is formed (payments at the end of the year or in advance) leads to very important consequences, changing all the financial indicators of the company, such as the cost of raising capital and company value and radically changing the company's dividend policy. [ABSTRACT FROM AUTHOR]

This paper presents a mathematical programming approach for the strategic planning of hydrogen production from renewable energies and its use in electric power generation in conventional technologies. The proposed approach aims to determine the optimal selection of the different types of technologies, electrolyzers and storage units (energy and hydrogen). The approach considers the implementation of an optimization methodology to select a representative data set that characterizes the total annual demand. The economic objective aims to determine the minimum cost, which is composed of the capital costs in the acquisition of units, operating costs of such units, costs of production and transmission of energy, as well as the cost associated with the emissions generated, which is related to an environmental tax. A specific case study is presented in the Mexican peninsula and the results show that it is possible to produce hydrogen at a minimum sale price of 4200 $/tonH2, with a total cost of $5.1687 × 106 and 2.5243 × 105 tonCO2eq. In addition, the financial break-even point corresponds to a sale price of 6600 $/tonH2. The proposed model determines the trade-offs between the cost and the emissions generated. [ABSTRACT FROM AUTHOR]

Financial leasing contracts usually include specific clauses for early termination of the agreement in the event that the lessee defaults. The lessor might, therefore, not immediately ask for termination of the financial lease agreement in order to take advantage of the increment in fees accrued due to the default interest. The analysis presented in this work aims to find the conditions determining the optimal time to rescind the contract, when the arrears' interest rate is higher than the outstanding fees' interest rate established in the contract and when the return of alternative investments is deterministic. In this paper, we study the optimal time for advanced termination of a leasing contract to maximize the wealth of the lessor against the natural expiry of the contract. We prove that the optimal time can be found through the intersection of the instantaneous force of interest of a lessor's credit at a certain date and the instantaneous force of interest of the opportunity cost of capital, or at the initial date or maturity date. To this end, we provide a detailed list of cases in which it is appropriate to terminate the contract or not. The problem is formulated in the case where the opportunity cost follows deterministic and semi-deterministic dynamics. [ABSTRACT FROM AUTHOR]

The paper is aimed to develop a wireless alternating current (AC) power monitoring module which features the advantage of cost-effectiveness and sufficient reliability for the proposed AC power monitoring Internet of Things (IoT) system. The novel wireless AC power monitoring module consists of both ZMPT101B voltage sensor and ACS712-20 current sensor; a 16-bit analog-to-digital (ADC) ADS1114 with I2C interface and WeMos D1 Mini Wi-Fi module were integrated for monitoring refrigerator and air conditioner appliances with the ratings of single-phase 110/220 VAC, respectively. First, both analog readings of V/I sensors for AC appliances are converted into data streams in compliance with I2C (inter-integrated circuit) protocol, and are forwarded to a WeMos D1 Mini Wi-Fi module for the corresponding values of instantaneous electric power and energy, power factor (pf), and frequency well programmed in the built-in ESP8266EX IoT-based microcontroller unit (MCU) based on the well-known AC power fundamentals. All of the important AC power parameters are sent to the ThingSpeak IoT platform through Wi-Fi network. The visualization of voltage, current, electric power and energy, pf, and frequency is illustrated in the ThingSpeak IoT platform. Both close agreement and confidence of the proposed AC power monitoring IoT system for both refrigerator and air conditioner are evaluated with two CM3286-1 AC Power Meters. Taking the commercialized CM3286-1 instrument as reference, the values of mean absolute percentage error (MAPE) for above six electrical parameter readings are all less than 2%. The evaluation results illustrate sufficient closeness of agreement and confidence for the proposed wireless AC power monitoring IoT system for in situ monitoring AC appliances with single-phase 110/220 VAC ratings. Furthermore, the cost of the proposed AC power monitoring module is less than 100 USD, which makes the novel module more cost-effective than commercialized AC power meters which generally cost over 1000 USD. The novelties of the work are the following: (1) the introduction of ADS1114 provides I2C interface directly for Wi-Fi module to reduce the capital cost of the proposed wireless AC power monitoring module; (2) the sufficient confidence of the proposed AC power monitoring IoT system has been validated with closeness of agreement as compared to the commercialized CM3286-1 AC Power Meters. These make the assessment action of environmental, social, and governance (EGS) for stakeholders much more feasible with the advantages of cost-effectiveness and sufficient confidence. [ABSTRACT FROM AUTHOR]

Operation strategies for a park-level integrated energy system (PIES) in terms of carbon prices and feed-in tariffs, have not been adequately studied. This paper addresses this knowledge gap by proposing operation strategies based on the PIES driven by biogas, solar energy, natural gas, and the power grid. Meanwhile, the electricity-driven dispatching strategy (EDS), thermal-driven dispatching strategy (TDS), cost-driven dispatching strategy (CDS) are compared to assess their impacts on operation cost, carbon dioxide emissions, etc. The flexibility and complementarity of the three operation strategies in energy supply are analyzed in detail. The results indicated that biogas was the main energy supply fuel, accounting for 46% to 72% of the total energy supply. About 33% to 54% of electricity was transmitted to the grid each month using the TDS. The annual initial capital cost of the CDS was only 1.39% higher than that of the EDS. However, the annual operation cost of the EDS was 16.86% higher than that of the CDS. The emissions of the EDS were the lowest, and the CDS had 38.51% higher emissions than the EDS. In the CDS, the ratio of carbon emission costs to operation costs was as high as 0.80 when the carbon tax reached USD 100/ton. The carbon tax had a greater impact on the CDS than the other strategies. Feed-in tariffs had a greater impact than the carbon tax on the TDS. This study provides an effective method for the selection of optimal operation strategies in regards to carbon prices and feed-in tariffs. [ABSTRACT FROM AUTHOR]

Simple Summary: Swine production is a for-profit activity; however, most farms have deficient internal controls and empirical management and do not even know the cost of the market hog produced. Knowing the production cost of what will be commercialized is crucial for any process that involves business management, and in pig production, it is no different. However, the lack of a standard method and simple and easily accessible tools make it difficult for producers to organize the economic management of their businesses. In this sense, the present work aimed to develop a free and easy-to-use tool that calculates swine production costs and serves as a management tool in commercial properties. This paper aims to present a tool that offers pig producers a standard method to calculate and control their production costs and, consequently, provides the necessary information to guide strategic decision-making. Following these premises, a mathematical model to estimate swine production costs were developed using Microsoft Excel® software (version 2207). Case studies were used to assist in the characterization and construction of the model. Through the panel method, the tool was validated by professionals in the sector. Costs were considered according to the Neoclassical Economic Theory of Costs and allocated in the order of variable costs, fixed operating costs, and opportunity costs of capital and land. These costs together create the total cost. The model provides the total cost per batch, per market pig, per arroba, and per kilogram, which facilitates the interpretation of the results and economic evaluations of the system. The model is adaptable to different types of swine farming, as well as the consideration of all costs involved in the production system, whether explicit or implicit. The model developed has the potential to be used as a management tool in commercial swine production systems, assisting the producer in the decision-making process through the management and control of production costs. [ABSTRACT FROM AUTHOR]

The sizing of microgrids depends on the type of load and its operational hours. The significance of understanding the load operational characteristics in special purpose islanded microgrids is much needed for economic system sizing. The load operation of special-purpose microgrids often consumes high power for a short duration and remains idle most of the time, thus reducing the load factor. The inclusion of such loads in microgrid sizing causes huge capital costs making islanded microgrids an unfeasible solution. The islanded microgrid under study is an agricultural microgrid in a village having a small Crab Processing Plant (CPP) and a Domestic Sector (DS). The CPP constitutes the major power consumption. The community has a unique load consumption trend that is dependent on the highly uncertain parameter of availability of the crabs. Interestingly, crab availability is an independent parameter and cannot be accurately scheduled. The existing system sizing of the microgrid is performed based on the conventional methods that consider the CPP for full-day operation. However, the microgrid sources, especially the storage system may be reflected as oversized if the crab processing plants do not operate for several days due to the uncertain behavior of CPP causing enormous power wastage. In this paper, an integrated fixed and operational mode strategy for uncertain heavy loads is formulated. The proposed algorithm is based on the optimal sizing methodology aided by the load scheduling control strategy. The Particle Swarm Optimization technique is used for the optimal sizing integrated with the fuzzy logic controller to manage the available load. The membership functions are available excess power and the state of the charge of storage that defines the operational conditions for CPP. Based on input membership functions, the fuzzy controller decides on power dispatch in DS or CPP, keeping considerable SoC available for night hours. The simulation result shows that the time-dependent fuzzy controller approach manages to provide power to both sectors under optimal sizing while reducing the overall cost by 24% less than the existing microgrid. [ABSTRACT FROM AUTHOR]

The power-sharing possibility amongst microgrids (MGs) in networked microgrids (NMGs) offers multiple profits to the NMG by employing an applicable energy management system. An efficient energy management system can provide an adequate compromise in terms of the component sizing of NMGs through MG collaboration. This paper proposes a procedure to size the component for an isolated networked hybrid microgrid. The proposed design procedure relies on the optimum operation of individual MGs. The defined Reduced Factor (RF) identifies the possible size reduction for the dispatchable components, such as diesel generators and the energy storage system of each MG. The introduced RF is based on the operating reserve evaluation obtained from the optimal operation of individual MGs and the correlation between load profiles. Eventually, the simulation and practical results of a networked hybrid MG consisting of three MGs are presented to verify the proposed component sizing procedure. The practical results verify the theoretical expectations. The results show that NPC and capital costs are reduced up to 13% and 17%, respectively. [ABSTRACT FROM AUTHOR]

Due to the significance of environmental aspects, the modeling of hybrid systems should be performed with the lowest cost and environmental pollution. Therefore, an effective and optimum sizing method can ensure acceptable performance. This paper implements a "technique for order performance by similarity to the ideal solution" (TOPSIS) method combined with the "analytic hierarchy process (AHP)" method to size a standalone system based on techno-economic parameters. For this reason, a survey was conducted to collect local load data on Monpura Island, located in Bhola, Bangladesh. Visible and design faults of the existing PV/diesel mini-grid have also been identified. Five alternative hybrid configurations have been considered as to evaluate the best optimum system. Two economic and one environmental criterion was used to size the system. Two experts specialized in energy systems evaluated the criteria and proposed the suitable system. Battery, wind and PV capital cost multipliers have been considered as to perform sensitivity analysis. According to techno-economic analysis and expert opinion, PV/biogas/wind has been found to be the most appropriate system among these configurations. The system has a cost of electricity (COE) of 0.691 (USD/kWh) and emits only 4.43 kg of CO2 per year. The net present cost of the proposed system is 18% lower than the existing microgrid, and the model has lower emissions due to high renewable penetration. It was also found that integrating wind can significantly reduce battery capacity in the mini-grid. The proposed system consumes 34% less batteries than the existing system. Implementing this optimum system can result in greater benefit to the local people. [ABSTRACT FROM AUTHOR]

Several regulations and standards have been developed to reduce the carbon footprint of buildings, but these have failed to provide a clear pathway to a net zero future. Hence, we recently introduced the Active Building Code (ABCode). This provides guidance on reducing the environmental impact of the next generation of buildings, termed Active Buildings (ABs), through their synergy with the grid. This paper aims to illuminate the regulatory landscape, justify our initial proposal for the ABCode, and reveal opportunities and challenges to the popularisation of ABs. Twelve online focus group discussions were conducted, with thirty stakeholders in total, all selected on the basis of their expertise. A grounded theory approach identified five core themes in such discussions. These strongly overlap with what is incorporated in the ABCode, suggesting the code successfully captures issues important to experts. Stakeholders defined ABs as responsive buildings and proposed both energy and carbon are considered in their assessment. They hence aligned with the definition and evaluation framework proposed by the ABCode. Finally, stakeholders considered people's tendency to prioritise capital cost as the greatest challenge to the popularisation of ABs, and the increasing demand for healthy environments as its greatest opportunity. [ABSTRACT FROM AUTHOR]

Both main theories of capital cost and capital structure—the Brusov–Filatova–Orekhova (BFO) theory and its perpetuity limit, the Modigliani–Miller theory—consider the payments of tax on profit once per year, while in real economy these payments are made more frequently (semi-annual, quarterly, monthly etc.). Recently the Modigliani–Miller theory has been generalized by us for the case of tax on profit payments with an arbitrary frequency. Here for the first time, we generalized the Brusov–Filatova–Orekhova (BFO) theory for this case. The main purpose of the paper is bringing the BFO theory closer to economic practice, taking into account one of the features of the real functioning of companies, the frequent payments of tax on profit. We derive modified BFO formulas and show that: (1) All BFO formulas change; (2) all main financial parameters of the company, such as company value, V, equity cost, ke, and the weighted average cost of capital, WACC, depend on the tax on profit payments frequency. The increase of the frequency of payments of income tax leads to a decrease in the cost of attracting capital, WACC, and increase in the capitalization of the company, V. At a certain age n of the company and at certain frequency of tax on profit payments p, a qualitatively new anomalous effect takes place: the equity cost, ke(L), decreases with an increase in the level of leverage L. This radically changes the company′s dividend policy, since the economically justified amount of the dividends is equal to the cost of equity. For both parties–for the company and for the tax regulator more frequent payments of tax on profit are beneficial: for the company, because this increases the company capitalization, and for the tax regulator, because earlier payments are beneficial for it due to the time value of money. [ABSTRACT FROM AUTHOR]

The global tidal energy resource for electricity generation is small, and converting tidal kinetic energy to electricity is expensive compared to solar-photovoltaic or land-based wind turbine generators. However, as the renewable energy content in electricity supplies grows, the need to stabilise these supplies increases. This paper describes tidal energy's potential to reduce intermittency and variability in electricity supplied from solar and wind power farms while lowering the capital expenditure needed to improve dispatchability. The paper provides a model and hypothetical case studies to demonstrate how sharing energy storage between tidal stream power generators and wind or solar power generators can mitigate the level, frequency, and duration of power loss from wind or solar PV farms. The improvements in dispatchability use tidal energy's innate regularity and take account of tidal asymmetry and extended duration low-velocity neap tides. The case studies are based on a national assessment of Australian tidal energy resources carried out from 2018 to 2021. [ABSTRACT FROM AUTHOR]

The design and development of wind turbines in low-wind-speed areas involves several technical and financial challenges related to maximizing conversion efficiency and minimizing cost. Unfortunately, much of the African continent is dominated by low-wind-speed resources. In this study, a multi-parameter optimization method is used to explore the design of a novel Ferris wheel wind turbine (FWT) technology, which has an 800-kW generation capability. We used the tip speed ratio, lift-to-drag ratio and power coefficient to determine the optimal efficiency by varying the number of blades and rim diameters. The capital cost estimates, as affected by rim diameter and the number of blades, are presented. This paper studies FWTs at their rated wind speeds because wind turbines have their maximum performance at the rated wind speeds, and this allows one to observe the effects of changing the rim diameter and the number of blades without the need to consider the location of the turbine. The results show that reducing the number of spokes by half (from 64 to 32) on the four rim diameters studied decreases the efficiency by less than 0.19%, while reducing the acquisition cost by 42%, installation cost by 42% and mass by 28%. Reducing the number of spokes to a quarter (i.e., from 32 to 16) decreases the efficiency by less than 0.31%, reduces the acquisition and installation costs by 36% and 35.5%, respectively, and the mass by 19.2%, of the four rim diameters studied. The reduction of the number of blades has a significant effect on the efficiency and capital cost with varying rim diameters. This paper shows the potential for Ferris-wheel-based wind turbines for low-wind-speed conditions, such as those that prevail in parts of Africa. [ABSTRACT FROM AUTHOR]

The incorporation of phase change materials (PCM) in buildings has the potential to enhance the thermal efficiency of buildings, reduce energy cost, shift peak load, and eventually reduce air pollution and mitigate global warming. However, the initial capital cost of PCM is still high, and thus the establishment of a control strategy has become essential to optimize its use in buildings in an effort to lower investment costs. In this paper, an extensive review has been made with regard to various control strategies applied to PCM-enhanced buildings, such as ON/OFF control, conventional control methods (classical control, optimal, adaptive, and predictive control) and intelligent controls. The advantages and disadvantages of each control strategy are evaluated. The paper further discusses the opportunities and challenges associated with the design of PCM-enhanced buildings in combination with control strategies. [ABSTRACT FROM AUTHOR]

One of the main challenges for widespread penetration of plug-in hybrid electric vehicles (PHEVs) is their impact on the electricity grid. The energy sector must anticipate and prepare for this extra demand and implement long-term planning for electricity production. In this paper, the additional electricity demand on the Ontario electricity grid from charging PHEVs is incorporated into an electricity production planning model. A case study pertaining to Ontario energy planning is considered to optimize the value of the cost of the electricity over sixteen years (2014–2030). The objective function consists of the fuel costs, fixed and variable operating and maintenance costs, capital costs for new power plants, and the retrofit costs of existing power plants. Five different case studies are performed with different PHEVs penetration rates, types of new power plants, and CO2 emission constraints. Among all the cases studied, the one requiring the most new capacity, (~8748 MW), is assuming the base case with 6% reduction in CO2 in year 2018 and high PHEV penetration. The next highest one is the base case, plus considering doubled NG prices, PHEV medium penetration rate and no CO2 emissions reduction target with an increase of 34.78% in the total installed capacity in 2030. Furthermore, optimization results indicate that by not utilizing coal power stations the CO2 emissions are the lowest: ~500 tonnes compared to ~900 tonnes when coal is permitted. [ABSTRACT FROM AUTHOR]

Objective: Two benefits of MR-guided radiotherapy (MRgRT) are the ability to track target structures while treatment is being delivered and the ability to adapt plans daily for some lesions based on changing anatomy. These unique capacities come at two costs: increased capital for acquisition and greatly decreased workflow. An adaptive gated stereotactic body radiotherapy (MRgART) treatment routinely takes ~90 min to perform and requires the presence of both a physician and a physicist. This may significantly limit daily capacity. We previously described how "simple cases" were necessary for proton facilities to allow for debt management. In this manuscript, we seek to determine the optimal scheduling of different MRgRT plans to recoup capital costs. Materials/Methods: We assumed an MR-linac (MRL) was completely scheduled with patients over workdays of varying duration. Treatment times and reimbursement data from our facility for varying complexities of patients were extrapolated for varying numbers treated daily. We then derived the number of adaptive and non-adaptive patients required daily to optimize the schedules. HOPPS data were used to model reimbursement. Results: A single MRL treating 14 non-gated, non-adaptive IMRT patients over an 8 h workday would take about 4.8 years to cover initial acquisition and installation costs. However, such patients may be more quickly and efficiently treated with a conventional linear accelerator, while MRgART cases may only be treated with an MRL. By treating four of these daily, that same MRL room would cover costs in 2.4 years. Personnel, maintenance costs, and profit further complicate any business case for treating non-adaptive patients or for extending hours. Conclusions: In our previously published paper discussing proton therapy, we noted that debt is not variable with capacity; this remains true with MRgRT. Different from protons, a clinically optimal case load of adaptive patients provides an optimal business case as well. This requires a large patient cadre to ensure continuing throughput. As improvements in MRgRT are brought to the clinic, shorter adaptive and non-adaptive treatment times will help improve the timeframe to recoup costs but will require even more appropriate patients. [ABSTRACT FROM AUTHOR]

The development of shipping companies relies on multiple financing channels and requires decisions to be made regarding fleet management. Therefore, a firm's performance should be modeled based on multiple decision variables. The purpose of this paper is to develop a quantitative approach for determining the investment portfolio of a shipping company taking into account the equity value. The proposed model rests on the mathematical programming. The objective is to maximize the cumulative free cash flow to equity, associated with the implementation of a long-term fleet replenishment program. The distinctive feature of the approach is that different cost of debt financing options and different levels of starting capital are considered. The enterprise can then be determined based on the optimal value of free cash flows to equity for each ratio of starting capital and the number of acquired vessels. [ABSTRACT FROM AUTHOR]

Hydropower as stable power installations play an important role among renewable energy sources. Yet, their share in renewable energy is small. Currently, it is only 10% of energy from renewable energy sources (RES), compared to 27% in 2010. Therefore, the aim of this paper is to assess the RES support schemes in Poland related to hydropower, such as green certificates, auctions and FIT, with the use of the Levelized Cost of Electricity (LCOE) analysis in order to determine which support scheme is best incentivizing hydropower development. The evolution of the hydropower support scheme in Poland is presented. The total LCOE and possible revenues from support systems for various segments of hydropower installations are graphically analyzed for two analysis periods (15 and 50 years) and for two discount rates (7% and 11.4%). The analysis shows the great importance of the support schemes in the profitability of the hydropower plants investments. The LCOE graphical analysis proves to be suitable for showing sensitivity analysis of capital and operating costs of various sizes of hydropower plants. The analysis shows that the LCOE in micro-power plants is usually higher than the support and revenues available in the green certificates or auctions or FIT schemes in Poland. [ABSTRACT FROM AUTHOR]

The fog layer provides substantial benefits in cloud-based IoT applications because it can serve as an aggregation layer and it moves the computation resources nearer to the IoT devices; however, it is important to ensure adequate performance is achieved in such applications, as the devices usually communicate frequently and authenticate with the cloud. This can cause performance and availability issues, which can be dangerous in critical applications such as in the healthcare sector. In this paper, we analyze the efficacy of the fog layer in different architectures in a real-world environment by examining performance metrics for the cloud and fog layers using different numbers of IoT devices. We also implement the fog layer using two methods to determine whether different fog implementation frameworks can affect the performance. The results show that including a fog layer with semi-heavyweight computation capability results in higher capital costs, although the in the long run resources, time, and money are saved. This study can serve as a reference for fundamental fog computing concepts. It can also be used to walk practitioners through different implementation frameworks of fog-aided IoT and to show tradeoffs in order to inform when to use each implementation framework based on one's objectives. [ABSTRACT FROM AUTHOR]

The concept of risk is well known in the energy sector. It is normally recognized when it comes to price and cost forecasting, annual production calculation, or evaluating project lifetime. Nevertheless, it should be pointed out that the quantitative evaluation of risk is usually difficult. The discount rate is the only parameter reflecting risk in the discounted cash flow analysis. Therefore, knowledge of the discount rate along with the major components affecting its level is of fundamental significance for making investment decisions, capital budgeting, and project management. By referring to the standard coal-fired power generation projects the authors of the paper tackle the analysis of the composition of discount rate for onshore wind farm technologies in the Polish conditions. The study was carried out on the basis of a typical (hypothetical) onshore wind farm project assessed at the feasibility stage. To enable comparisons and discussions, it was assumed that the best reference point for such purposes is the real risk-adjusted discount rate, RADR, after-tax, in all equity evaluations (the 'bare bones' assumption); that is because such a rate reflects the inherent characteristics of the project risk. The study methodology involves the a priori application of the discount rate level and subsequently—in an analytical way—calculation of its individual components. The starting point for the analysis of the RADR's composition was the definition of risk, understood as the product of uncertainty and consequences. Then, the risk factors were adopted and level of uncertainty assessed. Subsequently, using the classical sensitivity analysis of IRR, the consequences (as slopes of sensitivity lines) were calculated. Consequently, risk portions in percentage forms were received. Eventually, relative risks and risk components within cost of equity were assessed. Apart from the characteristics of the discount rate at the feasibility stage, in the discussion section the study was supplemented with an analogous analysis of the project's cost of equity at the operating stage. [ABSTRACT FROM AUTHOR]

Fuel cell technologies have several applications in stationary power production, such as units for primary power generation, grid stabilization, systems adopted to generate backup power, and combined-heat-and-power configurations (CHP). The main sectors where stationary fuel cells have been employed are (a) micro-CHP, (b) large stationary applications, (c) UPS, and IPS. The fuel cell size for stationary applications is strongly related to the power needed from the load. Since this sector ranges from simple backup systems to large facilities, the stationary fuel cell market includes few kWs and less (micro-generation) to larger sizes of MWs. The design parameters for the stationary fuel cell system differ for fuel cell technology (PEM, AFC, PAFC, MCFC, and SOFC), as well as the fuel type and supply. This paper aims to present a comprehensive review of two main trends of research on fuel-cell-based poly-generation systems: tracking the market trends and performance analysis. In deeper detail, the present review will list a potential breakdown of the current costs of PEM/SOFC production for building applications over a range of production scales and at representative specifications, as well as broken down by component/material. Inherent to the technical performance, a concise estimation of FC system durability, efficiency, production, maintenance, and capital cost will be presented. [ABSTRACT FROM AUTHOR]

Over the past few decades, the need to process more minerals while lowering capital costs has led to an increase in the size of flotation cells, e.g., 0.03 m3 to 1000 m3. However, this increase has created new challenges in the operation and design of industrial flotation cells, particularly in terms of froth removal, because the distance the froth must travel increases with an increase in the flotation cell diameter. This has a negative impact on recovery. Physical froth flow modifiers can be used to improve froth removal. Their major functions are to modify and optimise the flow of the froth, improve froth drainage, reduce dead zones, and improve froth flow and removal dynamics. Therefore, physical froth flow modifiers are discussed, evaluated, and compared in this paper. The literature indicates that physical froth flow modifiers such as crowders and launders are used extensively as industrial solutions to enhance froth transport and recovery in large flotation cells. Other modifiers (including froth baffles and froth scrapers) have been found to have a profound effect on local froth phase sub-processes, including drainage and bubble coalescence. However, industrial uptake is either dwindling or limited to small-volume rectangular/U-shaped cells in the case of scrapers, or, there is no uptake at all in the case of froth baffles. Further research on how some of the physical modifiers (e.g., baffles and launders) impact the selectivity of particles is required. [ABSTRACT FROM AUTHOR]

Today, precision agriculture technologies (PATs) can be considered a tool for the management of the farm which allows the agricultural entrepreneur to optimise inputs, reduce costs, and offer the best quantitative and qualitative agricultural products. In Italy, the number of digital farmers is still low; therefore, it is not yet possible to assess with certainty the actual economic benefits that technologies bring to the farm. To bridge this gap, the paper proposes, through the analysis of a case study, an assessment of the economic efficiency of an Italian cereal farm that has invested in precision agriculture. The results reveal that, unlike what is reported in the literature, after the technological adoption, the farm keeps both the yield and variable costs stable. However, the major benefit is recorded in the decrease in labour costs (−20%) and in the reduction of pesticides (−53%). The increase in the quantity of nitrogen (+11%) and of seed distributed in the field (+5%) indicates that, in the face of a significant increase in total costs due to the capital invested in technology, the farm aims to intensify production rather than reduce agricultural inputs. [ABSTRACT FROM AUTHOR]

The growth in renewable energy integration over the past few years, primarily fueled by the drop in capital cost, has revealed the requirement for more sustainable methods of integration. This paper presents a collocated hybrid plant consisting of solar photovoltaic (PV) and Ternary pumped-storage hydro (TPSH) and designs controls that integrate the PV plant such that the behavior and the controllability of the hybrid plant are similar to those of a conventional plant within operational constraints. The PV array control and hybrid plant control implement a neural–network-based framework to coordinate the response, de-loading, and curtailment of multiple arrays with the response of the TPSH. With the help of the designed controls, a symbiotic relationship is developed between the two energy resources, where the PV compensates for the TPSH nonlinearities and provides required speed of response, while the TPSH firms the PV system and allows the PV to be integrated using its existing infrastructure. Simulations demonstrate that the designed controls enable the PV system to track references, while the TPSH's firming and shifting transforms the PV system into a base load plant for most of the day and extends its hours of operation. [ABSTRACT FROM AUTHOR]

Energy storage devices are collocated with conventional solar photovoltaic (PV) systems to tackle the intermittency of solar irradiance and maintain the power quality of supplied energy. The energy storage system usually has its own conversion devices that may incur an extra capital cost of installation. This paper proposes an integrated and cost-effective photovoltaic-supercapacitor (PVSC) system in which the energy storage functionality of the supercapacitor (SC) is merged into the PV array where the power flow bidirectionally takes place to maintain the system stability under grid disturbances during the daytime, nighttime, and cloudy weather. A nonlinear mathematical model (NMM) was developed to conduct the stability analyses and to design the controller parameters, which facilitates a faster and more accurate numerical analysis compared to existing average models. The effectiveness of the proposed system was evaluated by simulation analysis and compared to that of the basic PV and a conventional SC system in which full energy storage is connected in parallel with the PV. The results demonstrate that the proposed PVSC system is effective in improving the dynamic performance of the connected power grid system. In addition, the proposed PVSC system fulfills the functionality of the conventional SC with merged conversion devices; that is, the performance of the proposed PVSC system is comparable to the conventional SC system. [ABSTRACT FROM AUTHOR]

The paper presents a newly developed economic-engineering model of the buildings sector and its implementation for all the European Union (EU) Member States (MS), designed to study in detail ambitious energy efficiency strategies and policies, in the context of deep decarbonisation in the long term. The model has been used to support the impact assessment study that accompanied the European Commission's communication "A Clear Planet for All", in November 2018. The model covers all EU countries with a fine resolution of building types, and represents agent decision-making in a complex and dynamic economic-engineering mathematical framework. Emphasis is given to behaviours driving the energy renovation of buildings and the ensuing choice of equipment for heating and cooling. The model represents several market and non-market policies that can influence energy decisions in buildings and promote deep energy renovation. Moreover, the paper presents key applications for supporting policies targeting ambitious reduction of energy consumption and carbon emissions in buildings across Europe. The results illustrate that the achievement of ambitious energy-efficiency targets in the long-term heavily depends on pursuing a fast and extensive renovation of existing buildings, at annual rates between 1.21% and 1.77% for the residential sector and between 0.92% to 1.35% for the services sector. In both cases, the renovation rates are far higher past trends. Strong policies aimed at removing non-market barriers are deemed necessary. Electrification constitutes a reasonable choice for deeply renovated buildings and, as a result, almost 50% of households chooses electric heating over gas heating in the long term. However, heat pumps need to exploit further their learning potential to be economical and implementable for the various climatic conditions in Europe. The results also show that the cost impacts are modest even if renovation and decarbonisation in buildings develop ambitiously in the EU. The reduced energy bills due to energy savings can almost offset the increasing capital expenditures. Fundraising difficulties and the cost of capital are, however, of concern. [ABSTRACT FROM AUTHOR]

The European Union Green Deal aims at curbing greenhouse gas emissions and introducing clean energy production. But to achieve energy efficiency, the opportunity cost of different energies must be assessed. In this article, two different energy self-sufficient systems for wastewater treatment are compared. On the one hand, high-rate algal ponds system (HRAP) is considered; on the other hand, a conventional activated sludge system (AS) which uses photovoltaic power (PV) is studied. The paper offers a viability analysis of both systems based on the capacity to satisfy their energetic consumption. This viability analysis, along with the opportunity cost study, will be used in the article to compare these two projects devoted to the treatment of wastewater. In order to assess viability, the probability of not achieving the energy consumption threshold at least one day is studied. The results point that the AS+PV system self-sufficiency is achieved with much lesser land requirements than the HRAP system (for the former, less than 6500 m2, for the latter 40,000 m2). However, the important AS capital cost makes still the HRAP system more economic, although storage provides a great advantage for using the AS+PV in locations where a lot of irradiance is available. [ABSTRACT FROM AUTHOR]

This paper aims to identify the costs of capital in a group of companies from the energy sector by including an investor and market risk approach. The study also concerns the company's Weighted Average Cost of Capital (WACC) cost intra-industry analysis related to sector characteristics such as total assets, revenues, market capitalization, and companies' age. In order to assess the intergroup relationships, basic correlation relationships were compared and a nonparametric test of variance was performed. The period under study covered the years 2015–2019. The conducted research evaluates groups of companies that dedicated their activity to a particular energy intra-industry division under numerous regulations in Europe. The study contributes to assessing the level of risk among energy listed companies in European capital markets based on capital structure valuation. The study results underline the role of the cost of equity financing, which was twice as high as the cost of debt. The highest WACC was related to the Beta indicator that also expressed the political and regulatory risk over the investigated period. Across debt cost analysis, the role of effective tax rate decreased the level of WACC. The highest level of WACC was noticed among uranium and integrated oil and gas companies. The study contributes to information asymmetry theory related to the cost of capital assumptions. [ABSTRACT FROM AUTHOR]

Petroleum coke (petcoke) is a by-product of heavy petroleum refining, with heating values comparable to that of coal. It is readily available in oil-producing countries such as the United States of America (USA) and the Kingdom of Saudi Arabia (KSA) at minimum costs and can be used as an inexpensive fossil fuel for power generation. Oxy-petcoke combustion is an attractive CO2 capture option as it avoids the use of additional absorption units and chemicals, and results in a CO2 + H2O flue gas stream that is compressed and dehydrated in a CO2 capture and purification unit (CO2CPU). The additional cost of the CO2CPU can be reduced through high pressure combustion. Hence, this paper reports a techno-economic analysis of an oxy-petcoke plant with CO2 capture simulated at pressures between 1 and 15 bars in Aspen PlusTM based on USA and KSA scenarios. Operating at high pressures leads to reduced equipment sizes and numbers of units, specifically compressors in CO2CPU, resulting in increased efficiencies and decreased costs. An optimum pressure of ~10 bars was found to maximize the plant efficiency (~29.7%) and minimize the levelized cost of electricity (LCOE), cost of CO2 avoided and cost of CO2 captured for both the USA and KSA scenarios. The LCOE was found to be moderately sensitive to changes in the capital cost (~0.7% per %) and increases in cost of petcoke (~0.5% per USD/tonne) and insensitive to the costs of labour, utilities and waste treatment. [ABSTRACT FROM AUTHOR]

Land-based, utility-scale renewable energy (RE) systems using wind or solar resources to generate electricity is becoming a decisive solution to meet long-term carbon emission reduction goals. Local governments are responding in kind, by adopting their own goals and/or establishing policies to facilitate successful implementations of RE in their jurisdiction. One factor to successful RE development is to locate the most suitable lands, while continuing to sustain land-based economies and ecosystem services. Local governments often have limited resources; and this is especially true for small, land-constrained local governments. In this paper, we illustrate how a standardized RE technical mapping framework can be used by local governments to advance the implementation of RE in land-constrained areas, through a case study in the Town of Canmore, Alberta. Canmore has a limited municipal area surrounded by the Canadian Rockies, along with complex land-use bylaw and environmentally sensitive habitats. This mapping framework accounts for these conditions as it considers theoretical resources, technically recoverable lands, legally accessible lands, and the spatial capital cost of connecting new RE facilities. Different land-use planning scenarios are considered including changing setback buffers and expanding restrictions on development to all environmentally sensitive districts. The total RE potentials are then estimated based on the least-conflict lands. Technically speaking, even under restrictive land suitability scenarios, Canmore holds enough land to achieve ambitious RE targets, but opportunities and challenges to implementation remain. To eventually succeed in its long-term emission reduction goal, the most decisive step for Canmore is to balance the growth of energy demands, land-use changes, and practicable RE development. Mapping systems that can study the influence of land-use planning decisions on RE potential are critical to achieving this balance. [ABSTRACT FROM AUTHOR]

The storage of industrial waste heat through thermochemical energy storage (TCES) shows high potential to reduce the dependency on fossil fuels. In this paper the capital cost investment of a TCES system utilizing fluidized bed reactors and the reaction system MgO/Mg(OH) 2 is estimated and a profitability analysis is performed. The study estimate is based on a simulation study that considers the mass and energy balance of the proposed preliminary heat storage and release processes utilizing fluidized bed reactors. Furthermore, transport, operation and maintenance as well as utility costs were estimated in order to evaluate the profitability of the system. It is concluded that for the selected boundary conditions, the specific investment costs per kW stored heat are approximately 900 €/kW and that the systems should not be installed at sites where less than around 5 MW of waste heat are available. Finally, a sensitivity analysis was conducted, to identify the key process and economic parameters critical for a positive net present value. [ABSTRACT FROM AUTHOR]

This paper provides a theoretical framework for studying the impact of self-interested managers on the level of corporate investment. I extend the standard neoclassical model of firm value maximization to incorporate the effect of misaligned managers on corporate investment via a firm's profit, adjustment costs of capital and shadow cost of external finance. Under some assumptions, commonly made by the relevant literature, the model shows that the intensity of agency conflicts between misaligned managers and outside shareholders affects a firm's investment decisions generating either under or overinvestment with respect to a perfect capital market and driving a higher cost of external finance. [ABSTRACT FROM AUTHOR]

One of the key challenges in designing a Wave Energy Converter (WEC) farm is geometrical layout, as WECs hydrodynamically interact with one another. WEC positioning impacts both the power output of a given wave-energy project and any potential effects on the surrounding areas. The WEC farm developer must seek to optimize WEC positioning to maximize power output while minimizing capital cost and any potential deleterious effects on the surrounding area. A number of recent studies have shown that a potential solution is placing WECs in dense arrays of several WECs with space between individual arrays for navigation. This innovative arrangement can also be used to reduce mooring and cabling costs. In this paper, we apply a novel one-way coupling method between the NEMOH BEM model and the MILDwave wave-propagation model to investigate the influence of WEC array separation distance on the power output and the surrounding wave field between two densely packed WEC arrays in a farm. An iterative method of applying the presented one-way coupling to interacting WEC arrays is used to compute the wave field in a complete WEC farm and to calculate its power output. The notion of WEC array 'independence' in a farm from a hydrodynamic point of view is discussed. The farm is modeled for regular and irregular waves for a number of wave periods, wave incidence angles, and various WEC array separation distances. We found strong dependency of the power output on the wave period and the wave incidence angle for regular waves at short WEC array–array separation distances. For irregular wave operational conditions, a large majority of WEC array configurations within a WEC farm were found to be hydrodynamically 'independent'. [ABSTRACT FROM AUTHOR]

This paper considers hypothetical options for the transformation of the Bolivian power generation system to one that emits less carbon dioxide. Specifically, it evaluates the influence of the weighted average cost of capital (WACC) on marginal abatement cost curves (MACC) when applying carbon taxation to the power sector. The study is illustrated with a bottom-up least-cost optimization model. Projections of key parameters influence the shape of MACCs and the underlying technology configurations. These are reported. Results from our study (and the set of assumptions on which they are based) are country-specific. Nonetheless, the methodology can be replicated to other case studies to provide insights into the role carbon taxes and lowering finance costs might play in reducing emissions. [ABSTRACT FROM AUTHOR]

The popularity of microgrids is increasing considerably because of their environmental and technical advantages. However, the major challenge in microgrid integration is its financial feasibility due to high capital costs. To address this obstacle, renewable energy incentive programs, which are the motivation of this study, have been proposed in many countries. This paper provides a comprehensive evaluation of the technical and financial feasibility of a campus microgrid based on a techno-economic analysis using the Microgrid Decision Support Tool, which was implemented to support decision-making in the context of microgrid project investment. A method for microgrid design aiming to maximize system profitability is presented. The optimal microgrid configuration is selected depending on financial indices of the project, which directly address the returns on an investment. Most importantly, this analysis captures all the benefits of financial incentives for microgrid projects in California, U.S., which presents a key difference between the California market and other markets. The impact of incentives and uncertain financial parameters on the project investment is verified by sensitivity analysis. The outcomes show that the optimal configuration generates significant electricity savings, and the incentives strongly determine the financial feasibility and the optimal design of a microgrid. [ABSTRACT FROM AUTHOR]