MES (multi-energy systems): An overview of concepts and evaluation models

Mancarella P. Smart multi-energy grid: concepts, benefits and challenges. In: IEEE PES general meeting. San Diego, US; July 2012. Chicco, 2009, Distributed multi-generation: a comprehensive view, Renew Sustain Energy Rev, 13, 535, 10.1016/j.rser.2007.11.014 Mancarella, 2009 Yang, 2008, Hydrogen and electricity: parallels, interactions, and convergence, Int J Hydrogen Energy, 33, 1977, 10.1016/j.ijhydene.2008.02.020 Strbac, 2010 Papadaskalopoulos, 2013, Decentralized participation of flexible demand in electricity markets. Part II: application with electric vehicles and heat pump systems, IEEE Trans Power Syst, 28, 3667, 10.1109/TPWRS.2013.2245687 Mancarella, 2012 Fabrizio, 2010, A model to design and optimize multi-energy systems in buildings at the design concept stage, Renew Energy, 35, 644, 10.1016/j.renene.2009.08.012 Geidl, 2007, Optimal power flow of multiple energy carriers, IEEE Trans Power Syst, 22, 145, 10.1109/TPWRS.2006.888988 Horlock, 1997 Bruckner, 1997, Competition and synergy between energy technologies in municipal energy systems, Energy, 22, 1005, 10.1016/S0360-5442(97)00037-6 Weber, 2011, Optimisation based design of a district energy system for an eco-town in the United Kingdom, Energy, 6, 1292, 10.1016/j.energy.2010.11.014 Keirstead, 2012, The impact of CHP (combined heat and power) planning restrictions on the efficiency of urban energy systems, Energy, 41, 93, 10.1016/j.energy.2011.06.011 Bracco, 2013, Economic and environmental optimization model for the design and the operation of a combined heat and power distributed generation system in an urban area, Energy, 55, 1014, 10.1016/j.energy.2013.04.004 Aki, 2006, Analysis of energy service systems in urban areas and their CO2 mitigations and economic impacts, Appl Energy, 83, 1076, 10.1016/j.apenergy.2005.11.003 Pirouti, 2013, Energy consumption and economic analyses of a district heating network, Energy, 57, 149, 10.1016/j.energy.2013.01.065 Niemi, 2012, Urban energy systems with smart multi-carrier energy networks and renewable energy generation, Renew Energy, 48, 524, 10.1016/j.renene.2012.05.017 Keirstead, 2012, A review of urban energy system models: approaches, challenges and opportunities, Renew Sustain Energy Rev, 16, 3847, 10.1016/j.rser.2012.02.047 2013 Cormio, 2003, A regional energy planning methodology including renewable energy sources and environmental constraint, Renew Sustain Energy Rev, 7, 99, 10.1016/S1364-0321(03)00004-2 Karlsson, 2009, Regional energy system optimization – potential for a regional heat market, Appl Energy, 86, 441, 10.1016/j.apenergy.2008.09.012 Daianova, 2012, Evaluation of a regional bioenergy system with local production of biofuel for transportation, integrated with a CHP plant, Appl Energy, 92, 739, 10.1016/j.apenergy.2011.08.016 Wu, 2006, Combined cooling, heating and power: a review, Prog Energy Combust Sci, 32, 459, 10.1016/j.pecs.2006.02.001 Angrisani, 2012, Distributed microtrigeneration systems, Prog Energy Combust Sci, 38, 502, 10.1016/j.pecs.2012.02.001 Serra, 2009, Polygeneration and efficient use of natural resources, Energy, 34, 575, 10.1016/j.energy.2008.08.013 Uche, 2004, Integration of desalination with cold-heat-power production in the agro-food industry, Desalination, 166, 379, 10.1016/j.desal.2004.06.093 Cardona, 2004, Optimal design of cogeneration plants for seawater desalination, Desalination, 166, 411, 10.1016/j.desal.2004.06.096 Zhou, 2012, Decrease of energy demand for bioethanol-based polygeneration system through case study, Appl Energy, 95, 305, 10.1016/j.apenergy.2012.02.014 Beckera, 2012, Design and technoeconomic performance analysis of a 1 MW solid oxide fuel cell polygeneration system for combined production of heat, hydrogen, and power, J Power Sourc, 200, 34, 10.1016/j.jpowsour.2011.10.040 Ahmadi, 2013, Development and assessment of an integrated biomass-based multi-generation energy system, Energy, 56, 155, 10.1016/j.energy.2013.04.024 Mathiesen, 2008, Integrated transport and renewable energy systems, Util Pol, 16, 107, 10.1016/j.jup.2007.11.007 Pecas Lopes, 2011, Integration of electric vehicles in the electric power system, Proc IEEE, 99, 168, 10.1109/JPROC.2010.2066250 Münster, 2011, Optimization of use of waste in the future energy system, Energy, 36, 1612, 10.1016/j.energy.2010.12.070 Tabasová, 2012, Waste-to-energy technologies: impact on environment, Energy, 43, 146, 10.1016/j.energy.2012.01.014 Van Dyken, 2010, Linear mixed-integer models for biomass supply chains with transport, storage and processing, Energy, 35, 1338, 10.1016/j.energy.2009.11.017 Raja, 2011, A review of renewable energy based cogeneration technologies, Renew Sustain Energy Rev, 15, 3640, 10.1016/j.rser.2011.06.003 Lund, 2010, The role of district heating in future renewable energy systems, Energy, 35, 1381, 10.1016/j.energy.2009.11.023 Mancarella, 2013, Urban energy supply technologies: multigeneration and district energy systems Kusch, 2012, Consequences for district heating and natural gas grids when aiming towards 100% electricity supply with renewable, Energy, 48, 153, 10.1016/j.energy.2012.06.054 Rubio-Maya, 2011, Design optimization of a polygeneration plant fuelled by natural gas and renewable energy sources, Appl Energy, 88, 449, 10.1016/j.apenergy.2010.07.009 Nosrat, 2013, Improved performance of hybrid photovoltaic-trigeneration systems over photovoltaic-cogen systems including effects of battery storage, Energy, 49, 366, 10.1016/j.energy.2012.11.005 Buoro, 2013, Multicriteria optimization of a distributed energy supply system for an industrial area, Energy, 58, 128, 10.1016/j.energy.2012.12.003 Denholm, 2011, Grid flexibility and storage required to achieve very high penetration of variable renewable electricity, Energy Pol, 39, 1817, 10.1016/j.enpol.2011.01.019 Meibom, 2007, Value of electric heat boilers and heat pumps for wind power integration, Wind Energy, 10, 321, 10.1002/we.224 Papaefthymiou, 2012, Potential of heat pumps for demand side management and wind power integration in the German electricity market, IEEE Trans Sustain Energy, 3, 636, 10.1109/TSTE.2012.2202132 Traube, 2013, Mitigation of solar irradiance intermittency in photovoltaic power systems with integrated electric-vehicle charging functionality, IEEE Trans Power Electron, 28, 3058, 10.1109/TPEL.2012.2217354 Saber, 2010, Efficient utilization of renewable energy sources by gridable vehicles in cyber-physical energy systems, IEEE Syst J, 4, 285, 10.1109/JSYST.2010.2059212 Kempton, 2005, Vehicle-to-grid power implementation: From stabilizing the grid to supporting large-scale renewable energy, J Power Sourc, 144, 280, 10.1016/j.jpowsour.2004.12.022 Lund, 2006, Integrated energy systems and local energy markets, Energy Pol, 34, 1152, 10.1016/j.enpol.2004.10.004 Houwing, 2011, Demand response with micro-CHP systems, Proc IEEE, 99, 200, 10.1109/JPROC.2010.2053831 Bliek, 2011, The role of natural gas in smart grids, J Nat Gas Sci Eng, 3, 608, 10.1016/j.jngse.2011.07.008 Lobato E, Olmos L, Gomez T, Cossent R, Andersen M, Grohnheit E, et al. Barriers in the implementation of response options aimed at mitigating unpredictability and variability of wind energy. In: European wind energy conference 2009. Marseille, France; March 2009. Girardin, 2010, EnerGis: a geographical information based system for the evaluation of integrated energy conversion systems in urban areas, Energy, 35, 830, 10.1016/j.energy.2009.08.018 Brkic, 2008, Systematic approach to natural gas usage for domestic heating in urban areas, Energy, 33, 1738, 10.1016/j.energy.2008.08.009 Mancarella P, Gan CK, Strbac G. Fractal models for electro-thermal network studies. In: 17th power systems computation conference (PSCC) 2011. Stockholm, Sweden; August 2011. Mancarella P, Gan CK, Strbac G. Evaluation of the impact of electric heat pumps and distributed CHP on LV networks. In: IEEE PES power tech conference 2011. Trondheim, Norway; June 2011. Weber, 2010, Conventional and advanced CO2 based district energy systems, Energy, 35, 5070, 10.1016/j.energy.2010.08.008 Favre-Perrod, 2008 Favre-Perrod, 2010, Modeling and design of future multi-energy generation and transmission systems, Eur Trans Electr Power, 20, 994, 10.1002/etep.379 Braun, 2008, A review of aggregation concepts of controllable distributed energy units in electrical power systems, Int J Distrib Energy Resour, 4, 297 Lasseter, 2011, Smart distribution: coupled microgrids, Proc IEEE, 99, 1074, 10.1109/JPROC.2011.2114630 Pudjianto, 2008, Microgrids and virtual power plants: concepts to support the integration of distributed energy resources, Proc IME A J Power Energy, 222, 731, 10.1243/09576509JPE556 Asmus, 2010, Microgrids, virtual power plants and our distributed energy future, Electr J, 23, 72, 10.1016/j.tej.2010.11.001 Geidl, 2007, Energy hubs for the future, IEEE Power Energy Mag, 5, 24, 10.1109/MPAE.2007.264850 Leontief, 1986 Geidl, 2007, Energy Hubs for the Future, IEEE Power Energy Mag, 5, 25, 10.1109/MPAE.2007.264850 Krause, 2011, Multiple-energy carriers: modeling of production, delivery, and consumption, Proc IEEE, 99, 15, 10.1109/JPROC.2010.2083610 Hemmes, 2007, Towards multi-source multi-product energy systems, Int J Hydrogen Energy, 32, 1332, 10.1016/j.ijhydene.2006.10.013 Hajimiragha A, Canizares C, Fowler M, Geidl M, Andersson G. Optimal energy flow of integrated energy systems with hydrogen economy considerations. In: VII IREP symposium – bulk power system dynamics and control. Charleston, SC; August 2007. Galus, 2011, Provision of load frequency control by PHEVs, controllable loads, and a cogeneration unit, IEEE Trans Ind Electron, 58, 4568, 10.1109/TIE.2011.2107715 Chicco, 2009, Matrix modelling of small-scale trigeneration systems and application to operational optimization, Energy, 34, 261, 10.1016/j.energy.2008.09.011 Yokoyama, 2002, A MILP decomposition approach to large scale optimization in structural design of energy supply buildings, Energy Convers Manag, 43, 771, 10.1016/S0196-8904(01)00075-9 Voll, 2013, Automated superstructure-based synthesis and optimization of distributed energy supply systems, Energy, 50, 374, 10.1016/j.energy.2012.10.045 Hatziargyriou, 2007, Microgrids, IEEE Power Energy Mag, 5, 78, 10.1109/MPAE.2007.376583 Stadler, 2012, Optimal planning and operation of smart grids with electric vehicle interconnection, J Energy Eng, 138, 95 Schwaegerl, 2011, A multi-objective optimization approach for assessment of technical, commercial and environmental performance of microgrids, Eur Trans Electr Power, 21, 1269, 10.1002/etep.472 Pudjianto, 2011, Closed loop price signal based market operation within microgrids, Eur Trans Electr Power, 21, 1310, 10.1002/etep.458 Menon, 2013, Study of optimal design of polygeneration systems in optimal control strategies, Energy, 55, 134, 10.1016/j.energy.2013.03.070 Marnay, 2008, Optimal technology selection and operation of commercial-building microgrids, IEEE Trans Power Syst, 23, 975, 10.1109/TPWRS.2008.922654 Bracco, 2013, The University of Genoa smart polygeneration microgrid test-bed facility: the overall system, the technologies and the research challenges, Renew Sustain Energy Rev, 18, 442, 10.1016/j.rser.2012.10.009 Kyriakarakos, 2013, Intelligent demand side energy management system for autonomous polygeneration microgrids, Appl Energy, 103, 39, 10.1016/j.apenergy.2012.10.011 Kyriakarakos, 2011, Polygeneration microgrids: a viable solution in remote areas for supplying power, potable water and hydrogen as transportation fuel, Appl Energy, 88, 4517, 10.1016/j.apenergy.2011.05.038 Kyriakarakos, 2012, A fuzzy logic energy management system for polygeneration microgrids, Renew Energy, 41, 315, 10.1016/j.renene.2011.11.019 Kyriakarakos, 2012, A fuzzy cognitive maps–petri nets energy management system for autonomous polygeneration microgrids, Appl Soft Comput, 12, 3785, 10.1016/j.asoc.2012.01.024 Piacentino, 2013, A comprehensive tool for efficient design and operation of polygeneration-based energy μgrids serving a cluster of buildings. Part I: Description of the method, Appl Energy, 111, 1204, 10.1016/j.apenergy.2012.11.078 Piacentino, 2013, A comprehensive tool for efficient design and operation of polygeneration-based energy μgrids serving a cluster of buildings. Part II: Analysis of the applicative potential, Appl Energy, 111, 1222, 10.1016/j.apenergy.2012.11.079 FENIX Project Mancarella, 2009, Cogeneration systems with electric heat pumps: energy-shifting properties and equivalent plant modelling, Energy Convers Manag, 50, 1991, 10.1016/j.enconman.2009.04.010 Wille-Haussmann, 2010, Decentralised optimisation of cogeneration in virtual power plants, Sol Energy, 84, 604, 10.1016/j.solener.2009.10.009 Wang, 2013, Hierarchical market integration of responsive loads as spinning reserve, Appl Energy, 104, 229, 10.1016/j.apenergy.2012.10.054 Mancarella P, Chicco G. Real-time demand response from energy shifting in distributed multi-generation. IEEE Trans Smart Grid, in press. Mancarella P, Chicco G. Integrated energy and ancillary services provision in multi-energy systems. In: Proceedings of the IX bulk power system dynamics and control symposium (IREP 2013). Rethymnon, Crete, Greece; 25–30 August 2013. Pade, 2013, Fuel cell based micro-combined heat and power under different policy frameworks – an economic analysis, Energy Convers Manag, 66, 295, 10.1016/j.enconman.2012.10.012 Almassalkhi M, Hiskens IA. Optimization framework for the analysis of large-scale networks of energy hubs. In: Proceedings of the 17th power systems computation conference. Stockholm, Sweden; August 2011. Connolly, 2010, A review of computer tools for analysing the integration of renewable energy into various energy systems, Appl Energy, 87, 1059, 10.1016/j.apenergy.2009.09.026 Mendesa, 2011, On the planning and analysis of Integrated Community Energy Systems: a review and survey of available tools, Renew Sustain Energy Rev, 15, 4836, 10.1016/j.rser.2011.07.067 National Resources Canada Leng, 2004 Lund Lund, 2003, Modelling of energy systems with a high percentage of CHP and wind power, Renew Energy, 28, 2179, 10.1016/S0960-1481(03)00125-3 Gota, 2011, A Romanian energy system model and a nuclear reduction strategy, Energy, 36, 6413, 10.1016/j.energy.2011.09.029 Østergaard, 2013, Wind power integration in Aalborg Municipality using compression heat pumps and geothermal absorption heat pumps, Energy, 49, 502, 10.1016/j.energy.2012.11.030 Stadler, 2011, Control of greenhouse gas emissions by optimal DER technology investment and energy management in zero-net-energy buildings, Eur Trans Electr Power, 21, 1291, 10.1002/etep.418 Bakken, 2007, eTransport: investment planning in energy supply systems with multiple energy carriers, Energy, 32, 1676, 10.1016/j.energy.2007.01.003 Danny Harvey, 2006 Cardona, 2005, Cogeneration: a regulatory framework toward growth, Energy Pol, 33, 2100, 10.1016/j.enpol.2004.04.007 Frangopoulos, 2012, A method to determine the power to heat ratio, the cogenerated electricity and the primary energy savings of cogeneration systems after the European Directive, Energy, 45, 52, 10.1016/j.energy.2011.12.044 Martens, 1998, The energetic feasibility of CHP compared to the separate production of heat and power, Appl Therm Eng, 18, 935, 10.1016/S1359-4311(98)00026-X Dincer, 2012 Nesheim, 2007, Efficiencies and indicators defined to promote combined heat and power, Energy Convers Manag, 48, 1004, 10.1016/j.enconman.2006.08.001 Havelsky, 1999, Energetic efficiency of cogeneration systems for combined heat, cold and power production, Int J Refrigeration, 22, 479, 10.1016/S0140-7007(99)00010-9 Heteu, 2002, Economie d'énergie en trigenération, Int J Therm Sci, 41, 1151, 10.1016/S1290-0729(02)01401-1 Minciuc, 2003, Fuel savings and CO2 emissions for tri-generation systems, Appl Therm Eng, 23, 1333, 10.1016/S1359-4311(03)00068-1 Li, 2006, Energy utilization evaluation of CCHP systems, Energy Build, 38, 253, 10.1016/j.enbuild.2005.06.007 Chicco, 2007, Trigeneration primary energy saving evaluation for energy planning and policy development, Energy Pol, 35, 6132, 10.1016/j.enpol.2007.07.016 Chicco, 2008, A unified model for energy and environmental performance assessment of natural gas-fueled poly-generation systems, Energy Convers Manag, 49, 2069, 10.1016/j.enconman.2008.02.015 He, 2012, Evaluation indicators for energy-chemical systems with multi-feed and multi-product, Energy, 43, 344, 10.1016/j.energy.2012.04.019 Chicco, 2006, Incremental indicators for assessing the performance of cogeneration systems with heat pumps, WSEAS Trans Power Syst, 1, 1491 Chicco, 2006, Planning evaluation and economic assessment of the electricity production from small-scale trigeneration plants, WSEAS Trans Power Syst, 1, 393 Dincer, 1999, Environmental impacts of energy, Energy Pol, 27, 845, 10.1016/S0301-4215(99)00068-3 Mancarella, 2009, Global and local emission impact assessment of distributed cogeneration systems with partial-load models, Appl Energy, 86, 2096, 10.1016/j.apenergy.2008.12.026 Mancarella, 2010, Distributed cogeneration: modeling of environmental benefits and impact, 1 Meunier, 2002, Co- and tri-generation contribution to climate change control, Appl Therm Eng, 22, 703, 10.1016/S1359-4311(02)00032-7 Chicco, 2007, Assessment of the greenhouse gas emissions from cogeneration and trigeneration systems. Part I: Models and indicators, Energy, 33, 410, 10.1016/j.energy.2007.10.006 Mancarella, 2007, Assessment of the greenhouse gas emissions from cogeneration and trigeneration systems. Part II: Analysis techniques and application cases, Energy, 33, 418, 10.1016/j.energy.2007.10.008 Mancarella, 2008, Energy and CO2 emission assessment of cooling generation alternatives: a comprehensive approach based on black-box models, WSEAS Trans Power Syst, 3, 151 Wang, 2010, Optimization design of BCHP system to maximize to save energy and reduce environmental impact, Energy, 35, 3388, 10.1016/j.energy.2010.04.029 Mancarella, 2012, Operational optimization of multigeneration systems Canova, 2008, Emission characterization and evaluation of natural gas-fueled cogeneration microturbines and internal combustion engines, Energy Convers Manag, 49, 2900, 10.1016/j.enconman.2008.03.005 Torchio, 2009, Merging of energy and environmental analyses for district heating systems, Energy, 34, 220, 10.1016/j.energy.2008.01.012 Genon, 2009, Energy and environmental assessment of small district heating systems: global and local effects in two case-studies, Energy Convers Manag, 50, 522, 10.1016/j.enconman.2008.11.010 Carvalho, 2011, Optimal synthesis of trigeneration systems subject to environmental constraints, Energy, 36, 3779, 10.1016/j.energy.2010.09.023 Carvalho, 2012, Multicriteria synthesis of trigeneration systems considering economic and environmental aspects, Appl Energy, 91, 245, 10.1016/j.apenergy.2011.09.029 Carvalho, 2012, Modeling simple trigeneration systems for the distribution of environmental loads, Environ Model Software, 30, 71, 10.1016/j.envsoft.2011.11.005 Chevalier, 2005, Environmental assessment of biogas co- or tri-generation units by life cycle analysis methodology, Appl Therm Eng, 25, 3025, 10.1016/j.applthermaleng.2005.03.011 Loiseau, 2012, Environmental assessment of a territory: an overview of existing tools and methods, J Environ Manag, 112, 213 Maraver, 2013, Environmental assessment of CCHP (combined cooling heating and power) systems based on biomass combustion in comparison to conventional generation, Energy, 57, 17, 10.1016/j.energy.2013.02.014 Peng, 2008, Should a small combined heat and power plant (CHP) open to its regional power and heat networks? Integrated economic, energy, and emergy evaluation of optimization plans for Jiufa CHP, Energy, 33, 437, 10.1016/j.energy.2007.02.004 Lazzaretto, 2009, A critical comparison between thermoeconomic and emergy analyses algebra, Energy, 34, 2196, 10.1016/j.energy.2008.10.020 Sciubba, 2010, On the second-law inconsistency of emergy analysis, Energy, 35, 3696, 10.1016/j.energy.2010.05.015 Lozano, 2009, Operational strategy and marginal costs in simple trigeneration systems, Energy, 34, 2001, 10.1016/j.energy.2009.08.015 Cardona, 2006, Matching economical, energetic and environmental benefits: an analysis for hybrid CHCP-heat pump systems, Energy Convers Manag, 47, 3530, 10.1016/j.enconman.2006.02.027 Cardona, 2006, Energy saving in airports by trigeneration. Part I: Assessing economic and technical potential, Appl Therm Eng, 26, 1427, 10.1016/j.applthermaleng.2006.01.019 Cardona, 2006, Energy saving in airports by trigeneration. Part II: Short and long term planning for the Malpensa 2000 CHCP plant, Appl Therm Eng, 26, 1437, 10.1016/j.applthermaleng.2006.01.020 Piacentino, 2008, An original multi-objective criterion for the design of small-scale polygeneration systems based on realistic operating conditions, Appl Therm Eng, 28, 2391, 10.1016/j.applthermaleng.2008.01.017 2001 Willis, 2000 Biezma, 2006, Investment criteria for the selection of cogeneration plants – a state of the art review, Appl Therm Eng, 26, 583, 10.1016/j.applthermaleng.2005.07.006 Piacentino, 2008, EABOT – energetic analysis as a basis for robust optimization of trigeneration systems by linear programming, Energy Convers Manag, 49, 3006, 10.1016/j.enconman.2008.06.015 Aringhieri, 2003, Optimal operations management and network planning of a district heating system with a combined heat and power plant, Ann Oper Res, 120, 173, 10.1023/A:1023334615090 Pini Prato, 2012, Integrated management of cogeneration plants and district heating networks, Appl Energy, 97, 590, 10.1016/j.apenergy.2012.02.038 Arcuri, 2007, A mixed integer programming model for optimal design of trigeneration in a hospital complex, Energy, 32, 1430, 10.1016/j.energy.2006.10.023 Chicco, 2006, From cogeneration to trigeneration: profitable alternatives in a competitive market, IEEE Trans Energy Convers, 21, 265, 10.1109/TEC.2005.858089 Bagdanavicius, 2012, Assessment of community energy supply systems using energy, exergy and exergoeconomic analysis, Energy, 45, 247, 10.1016/j.energy.2012.01.058 Deng, 2008, Exergy cost analysis of a micro-trigeneration system based on the structural theory of thermoeconomics, Energy, 33, 1417, 10.1016/j.energy.2008.05.001 Roque Díaz, 2010, Thermoeconomic assessment of a multi-engine, multi-heat-pump CCHP (combined cooling, heating and power generation) system – a case study, Energy, 35, 3540, 10.1016/j.energy.2010.04.002 Piacentino, 2007, On thermoeconomics of energy systems at variable load conditions: integrated optimization of plant design and operation, Energy Convers Manag, 48, 2341, 10.1016/j.enconman.2007.03.002 Curti, 2002, An environomic approach for the modeling and optimization of a district heating network based on centralized and decentralized heat pumps, cogeneration and/or gas furnace. Part I – Methodology, Int J Therm Sci, 39, 721, 10.1016/S1290-0729(00)00226-X Curti, 2002, An environomic approach for the modeling and optimization of a district heating network based on centralized and decentralized heat pumps, cogeneration and/or gas furnace. Part II – Application, Int J Therm Sci, 39, 731, 10.1016/S1290-0729(00)00225-8 Siddiqui, 2005, Effects of carbon tax on microgrid combined heat and power adoption, J Energy Eng, 131, 2 Al-Mansour, 2007, Risk analysis for CHP decision making within the conditions of an open electricity market, Energy, 32, 1905, 10.1016/j.energy.2007.03.009 Carpaneto, 2011, Cogeneration planning under uncertainty. Part I: Multiple time frame approach, Appl Energy, 88, 1059, 10.1016/j.apenergy.2010.10.014 Carpaneto, 2011, Cogeneration planning under uncertainty. Part II: Decision theory-based assessment of planning alternatives, Appl Energy, 88, 1075, 10.1016/j.apenergy.2010.08.019 Dixit, 1994 Wickart, 2007, Optimal technology choice and investment timing: a stochastic model of industrial cogeneration vs. heat-only production, Energy Econ, 29, 934, 10.1016/j.eneco.2006.12.003 Westner, 2012, Investment in new power generation under uncertainty: benefits of CHP vs. condensing plants in a copula-based analysis, Energy Econ, 34, 31, 10.1016/j.eneco.2011.02.014 Siddiqui, 2009, Investment and upgrade in distributed generation under uncertainty, Energy Econ, 31, 25, 10.1016/j.eneco.2008.08.007 Kienzle, 2011, Valuing investments in multi-energy conversion, storage, and demand-side management systems under uncertainty, IEEE Trans Sustain Energy, 2, 194, 10.1109/TSTE.2011.2106228 Svensson, 2011, A model for optimization of process integration investments under uncertainty, Energy, 36, 2733, 10.1016/j.energy.2011.02.013 Rong, 2007, CO2 emissions trading planning in combined heat and power production via multi-period stochastic optimization, Eur J Oper Res, 176, 1874, 10.1016/j.ejor.2005.11.003 Zhou, 2013, A two-stage stochastic programming model for the optimal design of distributed energy systems, Appl Energy, 103, 135, 10.1016/j.apenergy.2012.09.019 Westner, 2011, Development of cogeneration in Germany: a mean-variance portfolio analysis of individual technology's prospects in view of the new regulatory framework, Energy, 36, 5301, 10.1016/j.energy.2011.06.038