Shaving electric bills with renewables? A multi-period pinch-based methodology for energy planning.

As the energy demand keeps growing with the world's increasing population, concerns have arisen about the carbon emissions that contribute to critical environmental issues. These environmental concerns drive many nations to commit themselves in pursuing sustainable energy resources. Different process integration techniques have been developed to achieve a viable energy planning sector. In reference to the literature review, the use of time-sliced based models in optimization problems is still sparse. Hence, this paper aims to develop a time-sliced based optimization model that can be integrated into energy integration models. With that, a multi-period pinch-based methodology (targeting, scheduling, and optimization) for electric power systems with the hybridization of renewables and fossil-based energy is proposed. The prospective framework is designed to meet the emissions limit, fulfil energy demand, and minimize the electricity bill. An illustrative case study in Malaysia incorporated with an actual billing system is used to demonstrate the effectiveness of the proposed framework. The results show that it is capable of reducing the total electricity bill by 35% and achieving a 71% reduction of emissions by using solar PV as the renewables. • Three-step multi-period pinch-based methodology for energy planning is presented. • The model incorporates an actual billing system. • Time-sliced based optimization model is developed in the proposed framework. • Optimal emission reduction ratio and storage size are identified as 0.71 and 236 kWh. • The total electricity bill can be further reduced by 35%. [ABSTRACT FROM AUTHOR]