Risk-assessment of carbon-dioxide recycling in a gas-fired power plant using CVaR-based convex optimization

Abstract

With the rise of renewable resources’ penetration, the use of clean excessive renewable energy as the primary source of a Power to Gas (PtG) system for the reduction of CO2 pollution is quite advantageous. This paper presents a mixed integer linear formulation for modeling the optimal operation of a gas-fired power plant (GFPP)-PtG system that utilizes an excessive renewable resource, wind power, as the primary mover of the proposed PtG system for capturing and recycling the produced CO2 pollution. CO2 and CH4 gas storages are considered in the proposed PtG system to boost the operational efficiency of the system. Additionally, the scenario generation method models both wind power generation and electrical demand. The effective conditional value at risk (CVaR) method, which is a convex risk modeling approach, models the risks imposed by the generated scenarios for wind power and electrical demand. Due to the convexity of the proposed formulation for the PtG system and the risk modeling method, the ultimate model can be simply solved by using any available LP solver. To evaluate the outcomes of an optimization problem based on CVaR, a comparative analysis is conducted with chance constraints programming, which demonstrates the optimality and computational efficiency of the CVaR results due to convexity. The effectiveness of the proposed model is approved by modeling a test system based on real data, and the obtained numerical results are discussed comprehensively.