期刊
ENERGY
卷 54, 期 -, 页码 343-351出版社
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2013.01.068
关键词
Coal-based electricity production; CO2 capture technology; Stochastic CO2 prices; Uncertainty; MILP model; Financial risk
资金
- University of Cantabria
- Spanish Ministry of Education and Science [CTQ2009-14420-C02-01, DPI2012-37154-C02-02, CTQ2012-37039-C02-01, BFU2008-00196, ENE2010-14828]
Reduction in greenhouse gas emissions of existing coal-fired power plants is a necessary action to attain the global reductions committed in the Kyoto Protocol. In the framework of a cap and trade system, we propose a two-stage stochastic mixed-integer linear programming (MILP) approach for the optimal investment timing and operation of a CO2 capture system under uncertainty in the CO2 allowance price. In the MILP, uncertainties are modeled via scenarios that are generated from a set of probability functions obtained using the Geometric Brownian Motion (GBM) approach in conjunction with Monte Carlo sampling. The model takes into account two economic objectives: the expected net profit and the financial risk. We demonstrate the capabilities of the tool presented through a case study based on a coal fired power plant. Our MILP approach can be applied to a wide range of processes and industries that deal with carbon sequestration issues. (c) 2013 Elsevier Ltd. All rights reserved.
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