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Electricity Cost Savings in Energy-Intensive Companies: Optimization Framework and Case Study
In recent years, there has been an increasing urgency among energy-intensive companies to find innovative ways of mitigating the negative financial impacts of rising fuel and electricity prices. Consequently, companies are exploring new technological solutions to lower electricity costs, such as inv...
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| Published in: | Energies (Basel) 2024-03, Vol.17 (6), p.1307 |
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| Main Authors: | , , , , |
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| cites | cdi_FETCH-LOGICAL-c400t-f9229d401a1e7e42de4f76a2f6b19254ae5677cf28bc4c05d4b5e066b956f62e3 |
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| container_title | Energies (Basel) |
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| creator | Benalcazar, Pablo Malec, Marcin Kaszyński, Przemysław Kamiński, Jacek Saługa, Piotr W. |
| description | In recent years, there has been an increasing urgency among energy-intensive companies to find innovative ways of mitigating the negative financial impacts of rising fuel and electricity prices. Consequently, companies are exploring new technological solutions to lower electricity costs, such as investing in their own power generation sources or storage systems. In this context, this article presents a data-driven optimization-based framework to manage and optimize the operation of a hybrid energy system within industries characterized by substantial power requirements. The framework encompasses several key aspects: electricity generation, self-consumption, storage, and electric grid interaction. The case of an energy-intensive company specializing in wood processing and office furniture production is evaluated. This study explored two system configurations of hybrid energy systems within an energy-intensive company. The result of the analyzed case shows that the system’s flexibility is enhanced by its ability to store energy, resulting in electricity cost savings of nearly 72% and total operating cost savings of 20%. |
| doi_str_mv | 10.3390/en17061307 |
| format | article |
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| identifier | ISSN: 1996-1073 |
| ispartof | Energies (Basel), 2024-03, Vol.17 (6), p.1307 |
| issn | 1996-1073 1996-1073 |
| language | eng |
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| source | Publicly Available Content Database |
| subjects | Alternative energy sources Case studies Cost control Decision making Demand side management Electric vehicles Electricity Energy consumption Energy management Energy management systems Energy resources Energy storage Energy use energy-intensive sectors hybrid energy systems Linear programming Mathematical models Mathematical programming Monte Carlo simulation Operating costs Optimization Power lines Prices and rates Production planning Renewable resources Scheduling Startups Stochastic models Technology application Volatility |
| title | Electricity Cost Savings in Energy-Intensive Companies: Optimization Framework and Case Study |
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