Socioeconomic Analysis of Integrated Energy System of China for 2020

Fossil fuel source depletion, oil price fluctuations, less-efficient conventional single energy carrier network, and renewable energy intermittency are the most significant issues of the power system. An integrated energy system is a promising measure to mitigate the dependence on fossil fuel source...

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Bibliographic Details
Published in:IEEE systems journal 2021-06, Vol.15 (2), p.1979-1988
Main Authors: Tahir, Muhammad Faizan, Haoyong, Chen
Format: Article
Language:English
Subjects:
Alternative energy sources
Analytical models
Cost analysis
Depletion
Economics
Elasticity
Energy costs
Feasibility analysis
Feasibility studies
Fossil fuels
Fuels
Global economy
Heat pumps
integrated energy system (IES)
Integrated energy systems
Pricing
Renewable energy sources
renewable energy sources (RES)
Renewable resources
Resistance heating
socioeconomic analysis
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Summary:Fossil fuel source depletion, oil price fluctuations, less-efficient conventional single energy carrier network, and renewable energy intermittency are the most significant issues of the power system. An integrated energy system is a promising measure to mitigate the dependence on fossil fuel sources and decarbonize the global economy by omitting the challenges posed by integrating renewable energy sources. However, the fluctuations in fuel and energy prices make it a rigorous task to find out the most cost-effective approach of the integrated energy system. Therefore, this article aims to determine the most economically beneficial alternative to attain a sustainable energy supply. In this article, a feasibility analysis is conducted for three different fuel prices and socioeconomic analysis is performed by investigating market exchange feasibility using EnergyPLAN market simulation strategy. The proposed energy analysis software computes the yearly energy system simulation within a few seconds, which makes it more efficient than existing energy analysis tools. Socioeconomic costs are evaluated to find out the least cost solution. Results substantiate that when compared with feasibility analysis and scenario 5 (previous study most optimal scenario), the market exchange case proves to be socioeconomically optimal due to maximum net earnings on energy exports .
ISSN:1932-8184
1937-9234
DOI:10.1109/JSYST.2020.2977657