A financial approach to renewable energy production in Greece using goal programming

Zografidou, Eleni; Petridis, Konstantinos; Petridis, Nikolaos E.; Arabatzis, Garyfallos

doi:10.1016/j.renene.2017.01.044

Cited by 37 publications

(18 citation statements)

References 54 publications

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“…The inclusion of multifaceted dimensions (technical, economic, environmental, social, and institutional) can be taken into account as a set requirement for consideration by future researchers. The proper criteria selected in the sustainability assessment of energy systems, system designers, manufacturers, risk analysts, environmentalists, and businesses ensure that the conceptual in a system design will be free from any cognitive weakness from sustainability risk point of view [28], can play a key role in the subsequent selection and reporting of the best alternative [70], have to be proven useful for designers and practicing engineers to compare various alternatives of a product from the life-cycle design point of view [71] and not undermine the socio-economic determinants of sustainability accomplishment through alternative energy sources for energy production, and energy consumption especially among energy-intensified developed economies [72][73][74].…”

Section: Discussionmentioning

confidence: 99%

Development of a Holistic Assessment Framework for Industrial Organizations

et al. 2019

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The evaluation and selection among the best production practices beyond the conventional linear models is, nowadays, concerned with those holistic approaches drawn toward environmental assessment in industry. Therefore, researchers need to develop an analysis that can evaluate the performance of industrial organization in the light of their environmental viewpoint. This study implemented a pilot co-integrated scheme based on an innovative in-house Holistic Assessment Performance Index for Environment (HAPI-E) industry tool while assimilating the principles of circular economy through the Eco-innovation Development and Implementation Tool (EDIT). For the latter, nine qualitative indicators were motivated and enriched the weighting criteria of the questionnaire. The decomposition of the complexity and preferences mapping was accompanied by a multi-criteria holistic hierarchical analysis methodology in order to synthesize a single index upon a need-driven scoring. This multi-criteria decision approach in industry can quantify the material and process flows, thus enhancing the existing knowledge of manipulating internal resources. The key-criteria were based on administrative, energy, water, emissions, and waste strategies. Subsequently, the HAPI-E industry tool was modeled on the food industry, being particularly focused on pasta-based industrial production. Then, the parameters of this tool were modeled, measured, and evaluated in terms of the environmental impact awareness. The magnitude of necessary improvements was unveiled, while future research orientations were discussed. The HAPI-E industry tool can be utilized as a precautionary methodology on sustainable assessment while incorporating multifaceted and quantification advantages.

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Section: Discussionmentioning

confidence: 99%

Development of a Holistic Assessment Framework for Industrial Organizations

et al. 2019

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“…GP is a widely recognized and used tool supporting decisions based on multi-criteria perspectives in the scientific and nonscientific communities. Among several other examples, its application includes a decision making process to choose among potential renewable energy plants considering contradicting goals, like social aspects, financial, and location (Zografidou et al, 2017), or to support a better choice between public transport projects considering social and financial aspects (Yang et al, 2016), or to choose a community energy plan among several options with different performances for techno-economic aspects (Huang et al, 2017). The usage of GP requires a deeper understanding about how the production system assessed works, and precise information supported by primary data.…”

Section: Goal Programming Supporting a Multicriteria-based Decisionmentioning

confidence: 99%

Activity-Based Costing Using Multicriteria Drivers: An Accounting Proposal to Boost Companies Toward Sustainability

et al. 2018

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Recognizing that natural environment is reaching its maximum limits in providing resources and diluting the waste generated by human production systems, efforts toward more sustainable production systems are mandatory to secure the development of future generations. For this purpose, changing the productivity model adopted by companies that are almost exclusively rooted on circulating money to generate profit, named business as usual, is an important issue. In this sense, an alternative would be establishing the relationship of stocks and flows of energy, material, and information with environmental, economic and social outcomes, thus resulting in new accounting approaches. This work aims to propose an activity-based costing (ABC) based on multicriteria drivers including economic, emissions, and emergy (with an "m") values. The proposed ABC costing allocates each one of the multicriteria drivers into a specific part of the sustainability conceptual model, in an attempt to embrace a holistic perspective and allow for a sustainable-based decision, rather than considering purely economic drivers. The goal programming (GP) method is considered so as to support a decision based on multicriteria aspects. Results show that the proposed accounting approach known as ABC sustain allows for decisions toward a company's sustainability by acting on both the amount and kind of a company's product that should be managed, as well as on the effective increase of a specific company's activity or process. The proposed ABC sustain could make the insertion of environmental issues into companies strategic planning more effective. It is expected that environmental issues go beyond a simple diagnoses and begin to be considered as action in factum in the companies' decisions toward achieving a more sustainable world system.

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“…The major part of energy consumption in the world is related to fossil fuels, which are known as exhaustible energy sources, and thus, humans always see themselves exposed to the risk of the resources getting over. 1 On the other hand, rising electrical energy consumptions, confined spaces, and slow development of the grids have accompanied with formation of the regions with high charge density, and both lack of power quality and voltage instability are its consequences. Moreover, problems such as voltage drop and high loss across distribution lines, in rural electrification, indicate a poor network performance.…”

Section: Introductionmentioning

confidence: 99%

“…Moreover, problems such as voltage drop and high loss across distribution lines, in rural electrification, indicate a poor network performance. 1 On the contrary, electric power research institutes, despite their grids and financial resources restrictions, are struggling to develop and strengthen their grids. To this end, distributed generation (DG) can be one of the preferred options.…”

Section: Introductionmentioning

confidence: 99%

Optimally sized design of a wind/photovoltaic/fuel cell off-grid hybrid energy system by modified-gray wolf optimization algorithm

Barenji

Nejad

Asghari

2018

Energy & Environment

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This study deals with an off-grid hybrid energy generation system composed of wind turbines, photovoltaic cells, and fuel cells to supply a specific load. The purpose is to minimize the cost of energy generation over a period of lifetime while satisfying a set of system reliability constraints in the system. The stated objective is to determine the optimal value of system components, that is, the number of wind turbines, the number and angle of photovoltaic arrays, the size of electrolyzer, hydrogen tanks, fuel cells, and DC/AC converters. The costs incorporated into this design included net present value of investment, costs of equipment, replacement and maintenance, and the costs arising from power supply interruption, all for a period of 20 years considered as the system lifetime. The data pertaining to load demand, sunlight and wind speed were considered to be known and deterministic. This design considered the failure of three main system components, namely, wind turbines, photovoltaic cells, and AC/DC converter, and incorporated a number of cost factors such as initial investment, operating and maintenance expenses, and value of lost load. The wind and solar data used in this study pertained to Ankara, Turkey. The gray wolf optimization algorithm for the first time is used to optimize such a system, and the results are compared with the ones obtained by particle swarm optimization algorithm. A new hybrid metaheuristic algorithm based on the modified-gray wolf optimization algorithm and the traditional particle swarm optimization algorithms is proposed to solve the problem. The results indicate that the gray wolf optimization algorithm achieves better optimal results in comparison to the well-known particle swarm optimization algorithm and the developed hybrid method performs better in comparison to the gray wolf optimization and particle swarm optimization algorithms for this specific optimization problem.

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A financial approach to renewable energy production in Greece using goal programming

Cited by 37 publications

References 54 publications

Development of a Holistic Assessment Framework for Industrial Organizations

Development of a Holistic Assessment Framework for Industrial Organizations

Activity-Based Costing Using Multicriteria Drivers: An Accounting Proposal to Boost Companies Toward Sustainability

Optimally sized design of a wind/photovoltaic/fuel cell off-grid hybrid energy system by modified-gray wolf optimization algorithm

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