Abstract
Several significant supply-and-demand models of electricity generation have been developed by applying optimization methodologies based on optimal decision variables. However, there has been little interest in the effect of the optimal thermodynamic operation modes of the main economic activity ratios that result in the sale and demand of electricity production. We perform a thermoeconomic analysis and identify an effect of heat transport parameters and internal irreversibilities of the non-endoreversible Novikov heat engine model on the efficiency of asset turnover and the change for returns to scale. In this work, we measure the cost-output elasticity of different operation regimes such as maximum power output, maximum efficient power, maximum ecological function, and timely investment in operation and maintenance. We conclude these could be used as classifying mechanisms to control the balance between price and demand quantified by the price-demand elasticity.
Similar content being viewed by others
References
European Commission: Mapping and analysis of the current and future (2020–2030) heating/cooling fuel deployment, Brussels. File at https://ec.europa.eu/energy/sites/ener/files/documents/Report%20WP2.pdf (2016)
International Energy Agency: The Costs of Generating Electricity in Nuclear and Coal-fired Power Stations, Paris. File at https://www.iea.org/reports/world-energy-outlook-2019 (2019)
Banbury, J.G.: Distribution-the final link in the electricity-supply chain. Electron. Power 21, 773–775 (1975)
Ventosa, M., Baillo, A., Ramos, A., Rivier, M.: Electricity market modeling trends. Energy Policy 33, 897–913 (2005)
Nuclear Energy Agency: The Costs of Generating Electricity in Nuclear and Coal-fired Power Stations. Paris, (1983)
OECD Publishing: Projected Costs of Generating Electricity 2020. Paris, (2020)
García-Martos, C., Rodríguez, J., Sánchez, M.J.: Modelling and forecasting fossil fuels, \(CO_2\) and electricity prices and their volatilities. Appl. Energy 101, 363–375 (2013)
Hanson, D., Schmalzer, D., Nichols, C., Balash, P.: The impacts of meeting a tight \(CO_2\) performance standard on the electric power sector. Energy Econ. 60, 476–485 (2016)
Wangsa, I.D., Wee, H.M.: The economical modelling of a distribution system for electricity supply chain. Energy Syst. 10, 415–435 (2019)
Mari, C.: Power system portfolio selection under uncertainty. Energy Syst. 10, 321–353 (2019)
Klæboe, G., Eriksrud, A.L., Fleten, S.E.: Benchmarking time series based forecasting models for electricity balancing market prices. Energy Syst. 6, 43–61 (2015)
Alomoush, M.I.: Complex power economic dispatch with improved loss coefficients. Energy Syst. 12, 1005–1046 (2021)
Krishnan, V., Ho, J., Hobbs, B.F., Liu, A.L., McCalley, J.D., Shahidehpour, M., Zheng, Q.P.: Co-optimization of electricity transmission and generation resources for planning and policy analysis: review of concepts and modeling approaches. Energy Syst. 7, 297–332 (2016)
Habibian, M., Zakeri, G., Downward, A., Anjos, M.F., Ferris, M.: Co-optimization of demand response and interruptible load reserve offers for a price-making major consumer. Energy Syst. 11, 45–71 (2020)
Tolis, A.I., Rentizelas, A.A.: An impact assessment of electricity and emission allowances pricing in optimised expansion planning of power sector portfolios. Appl. Energy 88, 3791–3806 (2011)
Curzon, F.L., Ahlborn, B.: Efficiency of a Carnot engine at maximum power output. Am. J. Phys. 43, 22–24 (1975)
Velasco, S., Roco, J.M.M., Medina, A., White, J.A., Calvo-Hernández, A.: Optimization of heat engines including the saving of natural resources and the reduction of thermal pollution. J. Phys. D Appl. Phys. 33, 355–359 (2000)
Barranco-Jiménez, M.A., Angulo-Brown, F.: Thermoeconomic optimization of an endoreversible heat engine under a maximum modified ecological criterion. J. Energy Inst. 80(4), 232–238 (2007)
Barranco-Jiménez, M.A.: Finite-time thermoeconomic optimization of a non endoreversible heat engine. Rev. Mex. Fis. 55(3), 211–220 (2009)
Sullivan, C.O.: Newton’s Law of cooling-A critical assessment. Am. J. Phys. 28, 956 (1990)
Angulo-Brown, F., Páez-Hernández, R.T.: Endoreversible thermal cycle with a nonlinear heat transfer law. J. Appl. Phys. 74, 2216–2219 (1993)
Wu, C., Chen, L., Chen, J.: Recent Advances in Finite-time Thermodynamics. Nova Publishers, Illinois, USA (1990)
Endoreversible Thermodynamics of Solar Energy Conversion. Oxford Univ. Press, New York, USA (1992)
Hoffmann, K.H., Burzler, J.M., Schubert, S.: Endoreversible thermodynamics. J. Non-Equilib. Thermodyn. 22, 311–355 (1997)
De Vos, A.: Endoreversible thermoeconomics. Energy Convers. Magnag. 336, 1–5 (1995)
Ferguson, C.E., Gould, J.P.: Microeconomic theory. Richard D. Irwin Inc, Illinois, USA (1975)
Kreps, D.M.: A course in Microeconomic Theory. Princeton University Press, New York, USA (1990)
Barranco-Jiménez, M.A., Ramos-Gayoso, I., Rosales, M.A., Angulo-Brown, F.: A Proposal of Ecologic Taxes Based on Thermo-Economic Performance of Heat Engine Models. Energies 2 (4), 1042–1056 (2009)
Novikov, I.: The efficiency of atomic power stations. J. Nucl. Energ. 1, 125–128 (1958)
Fischer, A., Hoffmann, K.H.: Can a quantitative simulation of an Otto engine be accurately rendered by a simple Novikov model with heat leak? J. Non-Equilib. Thermodyn. 29, 9–28 (2005)
Yilmaz, T.: A new performance criterion for heat engines: efficient power. J. Energy Inst. 79, 38–41 (2006)
Angulo-Brown, F.: An ecological optimization criterion for finite-time heat engines. J. Appl. Phys. 69, 7465–7469 (1991)
Angulo-Brown, F., Arias-Hernández, L.A.: Reply to Comment on A general property of endoreversible thermal engines. J. Appl. Phys. 89, 1520–1521 (2001)
De Vos, A.: Endoreversible thermodynamics versus economics. Energy Convers. Magnag. 40, 1009–1019 (1999)
De Vos, A.: Endoreversible economics. Energy Convers. Magnag. 38, 311–317 (1997)
Wu, C., Kiang, R.L.: Finite-time thermodynamic analysis of a Carnot engine with internal irreversibility. Energy 17, 1173–1178 (1992)
Ozcaynak, S., Gokun, S., Yavuz, H.: Finite-time thermodynamic analysis of a radiative heat engine with internal irreversibility. J. Phys. D Appl. Phys. 27, 1139–1143 (1994)
Chen, J.: The maximum power output and maximum efficiency of an irreversible Carnot heat engine. J. Phys. D Appl. Phys. 27, 1144–1149 (1994)
Pacheco-Paez, J.C., Angulo-Brown, F., Barranco-Jiménez, M.A.: Thermoeconomic Optimization of an Irreversible Novikov Plant Model under Different Regimes of Performance. Entropy 19, 2–15 (2017)
Valencia-Ortega, G., Levario-Medina, S., Barranco-Jiménez, M.A.: Thermal stability analysis of nuclear and fossil fuel power plants including the Dulong-Petit heat transfer law and economic features. Therm. Sci. Eng. Prog. 23, 1–12 (2021)
Boardman, B., Milne, G.: Making cold homes warmer: the effect of energy efficiency improvements in low-income homes. Energ. Policy 28 (6-7), 411–424 (2000)
Sorrell, S., Dimitropoulos, J.: The rebound effect: Microeconomic definitions, limitations and extensions. Ecol. Econ. 65(3), 636–649 (2008)
Wirl, F.: The Economics of Conservation Programs. Kluwer Academic Publisher, Dordrecht, Netherlands (1997)
Morris, S.W.: The Economics of Productivity. Edward Elgar Publishing Limited, Massachusetts, USA (2009)
Becker, G.S.: A theory of the allocation of time. Econ. J. 75(299), 493–517 (1965)
Author information
Authors and Affiliations
Corresponding author
Ethics declarations
Conflict of interest
All authors certify that they have no affiliations with or involvement in any organization or entity with any financial interest or non-financial interest in the subject matter or materials discussed in this manuscript.
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Valencia-Ortega, G., de Parga-Regalado, A.M.A. & Barranco-Jiménez, M.A. On thermo-economic optimization effects in the balance price-demand of generation electricity for nuclear and fossil fuels power plants. Energy Syst 14, 1163–1184 (2023). https://doi.org/10.1007/s12667-022-00537-0
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s12667-022-00537-0