Journal
OPTIMIZATION LETTERS
Volume 16, Issue 3, Pages 821-844Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11590-021-01747-8
Keywords
Bioenergy; Demand-response model; Optimization
Funding
- United States Department of Agriculture [2017-67019-26286]
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This paper presents an econometric demand response model for biomass procurement prices and uses a two-stage approach to efficiently solve a mixed-integer nonlinear programming (MINLP) model. The model is applied to demonstrate the demand-price relationship and identify efficient frontiers for optimal state partnerships to achieve CO2 emission rate targets at minimum cost, subject to a constraint on the probability of satisfying the desired emission targets.
Woody biomass provides an opportunity to reduce carbon emissions from existing power plants via co-firing with coal. However, increased demand for woody biomass in electricity generation could potentially increase the price for biomass procurement. This paper presents an econometric demand response model for biomass procurement prices, which is then integrated into a robust mixed-integer nonlinear programming (MINLP) model. We utilize a two-stage approach to efficiently solve this MINLP. The model is then applied to demonstrate the demand-price relationship and to identify efficient frontiers for optimal state partnerships that achieve aggregated CO2 emission rate targets at minimum aggregate cost, subject to a constraint on the probability of satisfying the desired emission targets.
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