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Modeling and Economic Operation of Energy Hub Considering Energy Market Price and Demand

Author

Listed:
  • Il-oh Kang

    (H2 Technology R&D Division, KOGAS Research Institute, Ansan 15328, Korea)

  • Hyunseok You

    (H2 Technology R&D Division, KOGAS Research Institute, Ansan 15328, Korea)

  • Kyungshik Choi

    (H2 Technology R&D Division, KOGAS Research Institute, Ansan 15328, Korea)

  • Sung-kook Jeon

    (Department of Electrical and Control Engineering, Mokpo National University, Chonnam 58554, Korea)

  • Jaehee Lee

    (Department of Information and Electronic Engineering, Mokpo National University, Chonnam 58554, Korea)

  • Dongho Lee

    (Department of Electrical and Control Engineering, Mokpo National University, Chonnam 58554, Korea)

Abstract

This paper discusses the economic operation strategy of the energy hub, which is being established in South Korea. The energy hub has five energy conversion devices: a turbo expander generator, a normal fuel cell, a fuel cell with a hydrogen outlet, a small-scale combined heat and power device, and a photovoltaic device. We are developing the most economically beneficial operation strategy for the operators who own the hub, without making any systematic improvements to the energy market. First, sixteen conversion efficiency matrices can be achieved by turning each device (except the PV ) on or off. Next, even the same energy must be divided into different energy flows according to price. The energy flow is controlled to obtain the maximum profit, considering the internal load of the energy hub and the price fluctuations of the energy market. Using our operating strategy, the return on investment period is approximately 9.9 years, which is three years shorter than that without the operating strategy.

Suggested Citation

  • Il-oh Kang & Hyunseok You & Kyungshik Choi & Sung-kook Jeon & Jaehee Lee & Dongho Lee, 2022. "Modeling and Economic Operation of Energy Hub Considering Energy Market Price and Demand," Sustainability, MDPI, vol. 14(4), pages 1-18, February.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:4:p:2004-:d:746152
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    References listed on IDEAS

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