Energy Reports (Nov 2022)
A green energy circular system with carbon capturing and waste minimization in a smart grid power management
Abstract
Sustainable electricity production is an energy-efficient strategy aimed at both economic progress and environmental conservation. The power generation sector is the major contributor to global emissions and waste. The scope of circular economy in the power production sector with investments in waste minimization and emission reduction was not discussed in previous studies. In this context, a circular sustainable smart electric supply chain system is introduced in this paper with an aim of maximizing the profit with the minimum amount of emissions and waste generated from the power generation units. The power plant in this system consists of four power generation units that generate electricity from coal, waste, wind, and solar plants. A smart grid management system is used in this system for an efficient power supply according to the demands of the customer, and it enhances the system to distribute the power from renewable energies. In this system, the carbon dioxide from the thermal plants is captured and converted to natural gas to reduce emissions. Municipal and industrial waste is transformed into composite fuel to generate electricity. The profit for each unit and the customer’s demand for electricity depends on the circularity index. Linear demand versus linear and logistical cases of unit profit was considered. This study theoretically and numerically maximizes the profit of the system with optimal power consumption, circularity index of electricity, and green and waste minimization investment as per the carbon cap policy. To find the optimal strategies for maximum profit, an algorithm was developed. Sensitivity analysis is done to determine the fluctuations in the profit, emission cost, waste cost, circularity index, and power consumption due to the variations in parameters. The wise allocation of power generation from each unit and reduce energy loss by installing efficient storage devices will result in a higher profit. A system with the high efficacy of green techniques to reduce emissions, a smart grid to minimize waste, higher taxes to regulate emissions, and a rise in the amount of production of electricity from renewable sources will result in a greener power system that gains more profit than conventional systems. The key findings state that electric supply chain systems can obtain a good profit in a more sustainable manner than conventional systems.
