CogenerationCogeneration or combined heat and power (CHP) is the use of a heat engine or power station to generate electricity and useful heat at the same time. Cogeneration is a more efficient use of fuel or heat, because otherwise-wasted heat from electricity generation is put to some productive use. Combined heat and power (CHP) plants recover otherwise wasted thermal energy for heating. This is also called combined heat and power district heating. Small CHP plants are an example of decentralized energy.
Combined cycle power plantA combined cycle power plant is an assembly of heat engines that work in tandem from the same source of heat, converting it into mechanical energy. On land, when used to make electricity the most common type is called a combined cycle gas turbine (CCGT) plant. The same principle is also used for marine propulsion, where it is called a combined gas and steam (COGAS) plant. Combining two or more thermodynamic cycles improves overall efficiency, which reduces fuel costs.
Gas-fired power plantA gas-fired power plant (sometimes referred to as "gas-fired power station" or "natural gas power plant") is a thermal power station that burns natural gas to generate electricity. Gas-fired power plants generate almost a quarter of world electricity and are significant sources of greenhouse gas emissions. However, they can provide seasonal, dispatchable energy generation to compensate for variable renewable energy deficits, where hydropower or interconnectors are not available.
Thermal power stationA thermal power station is a type of power station in which heat energy is converted to electrical energy. In a steam-generating cycle heat is used to boil water in a large pressure vessel to produce high-pressure steam, which drives a steam turbine connected to an electrical generator. The low-pressure exhaust from the turbine enters a steam condenser where it is cooled to produce hot condensate which is recycled to the heating process to generate more high pressure steam. This is known as a Rankine cycle.
Fossil fuel power stationA fossil fuel power station is a thermal power station which burns a fossil fuel, such as coal or natural gas, to produce electricity. Fossil fuel power stations have machinery to convert the heat energy of combustion into mechanical energy, which then operates an electrical generator. The prime mover may be a steam turbine, a gas turbine or, in small plants, a reciprocating gas engine. All plants use the energy extracted from the expansion of a hot gas, either steam or combustion gases.
Option (finance)In finance, an option is a contract which conveys to its owner, the holder, the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date, depending on the style of the option. Options are typically acquired by purchase, as a form of compensation, or as part of a complex financial transaction.
Real options valuationReal options valuation, also often termed real options analysis, (ROV or ROA) applies option valuation techniques to capital budgeting decisions. A real option itself, is the right—but not the obligation—to undertake certain business initiatives, such as deferring, abandoning, expanding, staging, or contracting a capital investment project. For example, real options valuation could examine the opportunity to invest in the expansion of a firm's factory and the alternative option to sell the factory.
Genetic algorithmIn computer science and operations research, a genetic algorithm (GA) is a metaheuristic inspired by the process of natural selection that belongs to the larger class of evolutionary algorithms (EA). Genetic algorithms are commonly used to generate high-quality solutions to optimization and search problems by relying on biologically inspired operators such as mutation, crossover and selection. Some examples of GA applications include optimizing decision trees for better performance, solving sudoku puzzles, hyperparameter optimization, causal inference, etc.
Power stationA power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid. Many power stations contain one or more generators, rotating machine that converts mechanical power into three-phase electric power. The relative motion between a magnetic field and a conductor creates an electric current. The energy source harnessed to turn the generator varies widely.
Thermodynamic cycleA thermodynamic cycle consists of linked sequences of thermodynamic processes that involve transfer of heat and work into and out of the system, while varying pressure, temperature, and other state variables within the system, and that eventually returns the system to its initial state. In the process of passing through a cycle, the working fluid (system) may convert heat from a warm source into useful work, and dispose of the remaining heat to a cold sink, thereby acting as a heat engine.
Mathematical optimizationMathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries.
Memetic algorithmA memetic algorithm (MA) in computer science and operations research, is an extension of the traditional genetic algorithm (GA) or more general evolutionary algorithm (EA). It may provide a sufficiently good solution to an optimization problem. It uses a suitable heuristic or local search technique to improve the quality of solutions generated by the EA and to reduce the likelihood of premature convergence. Memetic algorithms represent one of the recent growing areas of research in evolutionary computation.
Greenhouse gas emissionsGreenhouse gas emissions (abbreviated as GHG emissions) from human activities strengthen the greenhouse effect, contributing to climate change. Carbon dioxide (), from burning fossil fuels such as coal, oil, and natural gas, is one of the most important factors in causing climate change. The largest emitters are China followed by the US, although the United States has higher emissions per capita. The main producers fueling the emissions globally are large oil and gas companies.
Thermodynamic processClassical thermodynamics considers three main kinds of thermodynamic process: (1) changes in a system, (2) cycles in a system, and (3) flow processes. (1)A Thermodynamic process is a process in which the thermodynamic state of a system is changed. A change in a system is defined by a passage from an initial to a final state of thermodynamic equilibrium. In classical thermodynamics, the actual course of the process is not the primary concern, and often is ignored.
Coal-fired power stationA coal-fired power station or coal power plant is a thermal power station which burns coal to generate electricity. Worldwide there are over 2,400 coal-fired power stations, totaling over 2,000 gigawatts capacity. They generate about a third of the world's electricity, but cause many illnesses and the most early deaths, mainly from air pollution. A coal-fired power station is a type of fossil fuel power station. The coal is usually pulverized and then burned in a pulverized coal-fired boiler.
Options strategyOption strategies are the simultaneous, and often mixed, buying or selling of one or more options that differ in one or more of the options' variables. Call options, simply known as Calls, give the buyer a right to buy a particular stock at that option's strike price. Opposite to that are Put options, simply known as Puts, which give the buyer the right to sell a particular stock at the option's strike price. This is often done to gain exposure to a specific type of opportunity or risk while eliminating other risks as part of a trading strategy.
Return on investmentReturn on investment (ROI) or return on costs (ROC) is a ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. In economic terms, it is one way of relating profits to capital invested.
Micro combined heat and powerMicro combined heat and power, micro-CHP, μCHP or mCHP is an extension of the idea of cogeneration to the single/multi family home or small office building in the range of up to 50 kW. Usual technologies for the production of heat and power in one common process are e.g. internal combustion engines, micro gas turbines, stirling engines or fuel cells. Local generation has the potential for a higher efficiency than traditional grid-level generators since it lacks the 8-10% energy losses from transporting electricity over long distances.
Chromosome (genetic algorithm)In genetic algorithms (GA), or more general, evolutionary algorithms (EA), a chromosome (also sometimes called a genotype) is a set of parameters which define a proposed solution of the problem that the evolutionary algorithm is trying to solve. The set of all solutions, also called individuals according to the biological model, is known as the population. The genome of an individual consists of one, more rarely of several, chromosomes and corresponds to the genetic representation of the task to be solved.
Renewable energy commercializationRenewable energy commercialization involves the deployment of three generations of renewable energy technologies dating back more than 100 years. First-generation technologies, which are already mature and economically competitive, include biomass, hydroelectricity, geothermal power and heat. Second-generation technologies are market-ready and are being deployed at the present time; they include solar heating, photovoltaics, wind power, solar thermal power stations, and modern forms of bioenergy.
