Economic Performance Evaluation Research Articles

Carbon and economic prices optimization of a solar-gas coupling energy system with a modified non-dominated sorting genetic algorithm considering operating sequences of water-cooled chillers

To promote the continuous operating of solar energy systems and increase the proportion of renewable energy consumption, solar devices are often integrated with conventional energy systems to reduce greenhouse gas emissions. In this study, a solar-natural gas coupling system is constructed, utilizing solar photovoltaics, thermal collectors, and high-efficiency energy conversion devices. After modelling the energy system, the operating modes are illustrated considering working sequences of water-cooled devices. A modified genetic algorithm, which incorporates reverse learning, controlled elite, and dynamic crowding distance theory, is constructed to optimize the configurations of the proposed energy system, with the aim of minimizing carbon and economic prices of the products. The performance of the energy system is compared with different algorithms and cases, and the results demonstrate that the proposed optimization algorithm addresses the limitations of conventional methods, albeit with increased optimization times. Moreover, the proposed operating mode (Case 1) exhibits a stable performance, leading to a higher environmental and economic performance compared to conventional modes, with carbon and economic prices of 0.242 kg/kWh and 0.067 $/kWh, respectively. This study provides new insights into carbon footprints and economic performance evaluation of high-efficiency energy systems, offering valuable directions for future research in this field.

Evaluation of three suction pretreatment systems for the air compressor

Air compressor, as the power source of pneumatic tools, suffers the problems of low efficiency and high failure rate in summer. In this paper, three suction air pretreatment systems are presented, which are characterized by the cold sources: a vapor compression refrigeration unit, a water chilling unit and a combination of water chilling unit with cooling tower. Models for the thermodynamic and economic performance evaluation of the three systems are established and solved. The moisture diffusion coefficient is applied to consider the influence of the moisture condensation and the Marshall and Swift coefficients is introduced to consider the capital change over time. Formula to calculate the efficiency of refrigeration compressor is adopted. Besides, the system total efficiency, percentage of power saving (PPS) and payback period (PBP) are defined as performance indexes. A comparative study with typical meteorological data of hot-dry regions and hot-humid regions is conducted to analyze the superiority of each system under the operation conditions of varied suction air temperature and volume flow. According to the results, optimal spray water flowrate exists for each operation condition and an air–water ratio of 0.8 is recommended. When the suction air temperature decreases, the PBP of each system increases and a sharp increase occurs when the temperature is lower than the air dew point temperature. A suction air temperature of 26 ℃ is suggested. Direct air cooling with an evaporator is preferred when the suction air volume flowrate is smaller than 60 m3/min for hot-humidity regions. The combined system is significantly superior in hot-dry regions. The PBP of the three systems is all longer than 10 months. How to guarantee the usage rate is the key for enterprises to consider the use of suction air pretreatment systems.

Charting sustainable logistics on the 21st-Century Maritime Silk Road: a DEA-based approach enhanced by risk considerations through prospect theory

This study investigates the sustainable logistics potential of countries along the Maritime Silk Road (MSR), an essential element of the Belt and Road Initiative (BRI), against a backdrop of increasing global emphasis on sustainability and efficient trade practices. Addressing the gap in existing literature, it explores how strategic positioning influences countries’ logistics capabilities, integrating risk considerations and behavioral decision-making aspects into the assessment. Through a specialized Data Envelopment Analysis (DEA) model that incorporates Prospect Theory, this research provides a nuanced evaluation of economic performance, energy efficiency, infrastructure robustness, governance quality, and innovation capabilities. The analysis reveals significant findings, such as Vietnam’s outstanding economic efficiency, Indonesia’s notable achievements in sustainability and governance, and Malaysia’s balanced efficiency, which collectively enhance the MSR’s logistics framework. Additionally, India, Greece, Djibouti, and Kenya emerge as vital partners due to their diverse strengths. The introduction of a risk-aware DEA model, enriched with behavioral factors, marks a significant advancement in logistics assessment methodologies, offering a more comprehensive understanding of sustainable logistics practices along the MSR. The implications of this study are profound, providing valuable insights for policymakers, investors, and business leaders. It guides strategic decision-making, promoting sustainability in MSR trade activities while aligning with global eco-conscious practices and economic growth within the context of environmental stewardship and sustainable development. However, the research acknowledges limitations related to the indirect measurement of decision-makers’ psychological behavioral coefficients and the focus on efficiency metrics without extensive exploration of cultural, political, or legal factors. This work sets a new precedent in sustainable logistics research, encouraging future studies to incorporate direct behavioral data and qualitative factors for a more enriched evaluation. Its innovative approach not only contributes to the academic discourse on sustainable logistics but also offers practical tools for enhancing the MSR’s trade efficiency and sustainability.

Measuring national economic resilience through industrial portfolios

Even though the importance of economic resilience has increased as economic shocks have become more frequent in the world, there is still a knowledge gap on how to measure it. In search for effective ways to measure national resilience, this article identifies and mathematically proves the existence of direct correlation between resilience and competitiveness through time-specific global correlation rate. This research proposes an economic performance evaluation method that measures the competitiveness of countries facing economic shocks and recovering from them. A quantified method for identification of global economic shocks through industrial portfolio is proposed as well. The holistic approach internalises most externalities and a nation’s resilience is pared down to its ability to compete in the international trade, linking the main determinants of resilience to the basics of human behaviour. The proposed methodology can be used effectively for national and global economic performance estimations. It also opens a range of new possibilities for economic resilience studies.

Agronomic and Economic Performance of Rain-Fed Maize (Zea mays L.) Production under Varying Sowing Dates and Multinutrient Fertilizer Levels in Shire Area, Northern Ethiopia

The present study was carried out to examine the combined effects of varying seed sowing and multinutrient fertilizer levels on maize yield in Shire area, Northern Ethiopia, in two consecutive cropping seasons (2018-2019). The experimental plots were designed in a split plot design with three replications. Sowing dates were determined based on the rainfall criteria of the AquaCrop model. Accordingly, the sowing date treatments were set as June 1, June 7, June 12, and June 16 for the 2018 cropping season, and the corresponding sowing dates for the 2019 cropping season were May 26, June 3, June 8, and June 12. The multinutrient fertilizer levels included 0, 100, 200, and 300 kg·ha−1. Agronomic related data were subjected to the analysis of variance, and partial budget analysis was applied for the economic performance evaluation. Maize yield was agronomically and economically influenced by sowing dates and multinutrient levels. Relative yield superiority that varies between 48.9 and 87.7% was found for each 100 kg·ha−1 multinutrient applied. On the other hand, with 4–6 days shifted towards earlier sowing resulted in an average yield increase by 4.9–66.9%. Application of 300 kg·ha−1 multinutrient for the early sown maize seems agronomically the superior treatment. However, from the economic analysis perspective, early maize sowing combined with the application of 200 kg·ha−1 multinutrient fertilizer was reported as the most profitable treatment. Late sowing of maize with the application of multinutrient fertilizer beyond 200 kg·ha−1 resulted in negative economic returns. The regression analysis results also indicated that maize grain yield tends to increase with the level of multinutrient fertilizer application (R2 = 0.841–0.864), whereas yield decreased with the delay in sowing dates (R2 = 0.927–0.995). Hence, this study concluded that the treatments with the best agronomic performance are not necessarily the best in terms of profitability.

Coupled performance evaluation method of heat exchanger in a lead-cooled fast reactor based on life-cycle cost and exergy analysis

The present study attempts to fill a gap in the thermal–hydraulic and economic performance evaluation of HE. By combining the life-cycle cost (LCC) analysis and the exergy analysis, a net exergy saving cost (NESC) evaluation method is established to determine the overall performance of the HE by converting the exergy loss into economic cost. The comparison with traditional research methods shows the comprehensiveness of the NESC evaluation method. In addition, the simulation results based on the numerical studies state that the thermal economy of the twisted tube HE initially increases and then decreases with the pitch. Based on the comparison of NESC for the HEs made of different materials, it is believed that T91 steel exhibited the best thermal economy. The method can be applied to optimize the design of other equipment or systems to reduce their energy loss and improve their economic performance.

Assessing the sustainability of hydrogen supply chains using network Data Envelopment Analysis

The aim of this study is to model optimal hydrogen supply chain from the eco-efficiency point of view. The study uses capital expenditures (CAPEX) and operation and maintenance expenditures (OPEX) as economic indicators on each stage of supply chain and environmental impacts calculated based on life cycle inventory and analysis methodology as environmental indicators. Network Data Envelopment Analysis (NDEA) is used as a tool for evaluation of the mixed economic and environmental performance of supply chain. The study shows that most efficient chains according to the criterion of integrated environmental and economic efficiency are wind energy - PEM electrolysis, hydro energy - PEM electrolysis and coal gasification with carbon capture and storage. The least eco-efficient option for hydrogen supply chain are options with thermal generation based on coal - electrolysis, due to relatively high capital costs of electrolysis and high negative environmental effects of the first stage.

Thermodynamic, economic, and environmental performance evaluation of boil-off gas condensate recovery by liquid nitrogen with power generation as byproduct

As stricter national standards for volatile organic compounds (VOCs) emissions are implemented, the emission of VOCs is a growing concern. There is an urgent necessary to optimize the existing condensate recovery system structure to meet national emission standards for boil-off gas. In existing VOCs recovery methods, the drawbacks include the frequent regeneration of adsorbent materials, limitations in the condensation recovery of isomers, and the lack of self-sufficiency in power generation. Therefore, a novel boil-off gas condensate recovery system by liquid nitrogen (LN) was proposed in this study. Based on the first and second laws of thermodynamics, a numerical optimization model of the system was established and the system performance of thermodynamic, economic and environmental was analyzed. The results show that the system achieves condensation and recovery of boil-off gas. The LN pump has an optimal outlet pressure. When the pressure is 1.95 MPa, the system achieves maximum net power output, and when the pressure is 0.85 MPa, the system achieves maximum LN savings. Additionally, the higher the ambient temperature, the greater the net power output. At lower ambient temperatures, the system supplies a greater cooling capacity. The system demonstrates good economic and environmental performance under higher ambient temperatures and outlet pressure of LN pump. When the pressure is 1.95 MPa, the system achieves the maximum net present value, standard coal savings and carbon dioxide emission reduction. The system has a maximum payback period of only 0.35 years. The system could be used in engineering applications to improve the overall performance of the liquefied natural gas plant.

Thermodynamic and economic performance evaluations of double-stage organic flash cycle using hydrofluoroolefins (HFOs)

Organic flash cycle is an important way to achieve geothermal power generation. Double-stage organic flash cycle (DOFC) has two flash processes, remarkably enhancing the heat matching effect of heat absorption process compared to single-stage type. Working fluid is an important factor influencing the performance superiority of DOFC. However, traditional organic fluids are being phased out due to environmental requirements, the new-type hydrofluoroolefins are emerging with good environmental performance. For new-type hydrofluoroolefins, the characteristics of DOFC are unclear and its advantages over single-stage type need to be quantified. This work evaluates the thermodynamic, exergy and economic performance of DOFC using ten eco-friendly hydrofluoroolefins. Influences of key parameters on thermodynamic and economic performance are analyzed. For hydrofluoroolefins, the superiorities of DOFC over single-stage type were quantitatively evaluated. Results show that the advantages of DOFC will become greater at the lower heat source temperature and the lower critical temperature of hydrofluoroolefins. R513A shows the greatest advantages of DOFC over single-stage type, and the maximum relative increment in the net power is 111.2 % and the maximum relative decrement in specific investment cost is 49.5 %. The optimum hydrofluoroolefin is R1366mzz(Z) with a net power of 348.29 kW and a specific investment cost of 7.88 k$·kW−1.

Process simulation and techno-economic evaluation of recovery of metals and alumina from spent hydroprocessing catalysts using leaching with EDTA

In this work, simulation and techno-economic performance evaluation of a metal recovery process are performed using SuperPro Designer® simulation software. The aim is to simulate the recovery of metals, including molybdenum, vanadium, nickel, and alumina (Mo, V, Ni, and Al), present in spent hydroprocessing catalysts. The catalysts are usually discarded as solid wastes from the petroleum refining industries. The metal recovery process layout has been developed with reasonable assumptions and optimum reaction conditions that are carried out for hydrotreating (HDT) spent catalysts using EDTA as a leaching agent. The simulation process design included economic performance evaluation, the total cost of investment, unit production cost, internal rate of return, net present value, and project payback time, which gives promising results to utilize EDTA as an efficient metal recovery process.

Economic performance evaluation of flexible centralised and decentralised blue hydrogen production systems design under uncertainty

Blue hydrogen is viewed as an important energy vector in a decarbonised global economy, but its large-scale and capital-intensive production displays economic performance vulnerabities in the face of increased market and regulatory uncertainty. This study analyses flexible (modular) blue hydrogen production plant designs and evaluates their effectiveness to enhance economic performance under uncertainty. The novelty of this work lies in the development of a comprehensive techno-economic evaluation framework that considers flexible centralised and decentralised blue hydrogen plant design alternatives in the presence of irreducible uncertainty, whilst explicitly considering the time value of money, economies of scale and learning effects. A case study of centralised and decentralised blue hydrogen production for the transport sector in the San Francisco area is developed to highlight the underlying value of flexibility. The proposed methodological framework considers various blue hydrogen plant designs (fixed, phased, and flexible) and compares them using relevant economic indicators (net present value (NPV), capex, value-at-risk/gain, etc.) through a detailed Monte Carlo simulation framework. Results indicate that flexible centralised hydrogen production yields greater economic value than alternative designs, despite the associated cost-premium of modularity. It is also shown that the value of flexibility increases under greater uncertainty, higher learning rates and weaker economies of scale. Moreover, sensitivity analysis reveals that flexible design remains the preferred investment option over a wide range of market and regulatory conditions except for high initial hydrogen demand. Finally, this study demonstrates that major regulatory and market uncertainties surrounding blue hydrogen production can be effectively managed through the application of flexible engineering system design that protects the investment from major downside risks whilst allowing access to favourable upside opportunities.

Construction of Economic Management Performance Model of Mining Enterprises under the Background of Supply-side Reform

The proposal of supply-side structural reform measures has ushered in new development opportunities for mining enterprises in the bottleneck period. As a result, a model for evaluating the economic management performance of mining firms at the new performance level must be established. This paper suggests an assessment model for the economic management of mining firms against the backdrop of supply-side reform in light of this. This study reasonably incorporated financial and non-financial performance indicators, constructed the Economic Management Performance (EMP) evaluation index system of mining enterprises, and created an economic management performance evaluation model of mining enterprises based on the BP neural network and analytic hierarchy process. The study selected the relevant data of five mining companies A, B, C, D, and E from 2017 to 2022 as the research object, verified the effectiveness of the model, and analyzed the performance evaluation results of the companies. The research results show that the model constructed in this study can evaluate the economic management performance level of enterprises within a reasonable range (the mean relative error is 1.98%). Since 2017, the comprehensive performance level of these five mining companies has gradually declined. But thanks to the supply-side reform, the comprehensive performance has gradually recovered after 2022 and among the five mining companies, company A has always been at the performance level way ahead. Overall, the model developed in this research has strong operability and practicability and can be utilized more effectively to forecast the mining industry’s potential for future growth.

Evaluation of Environmental and Economic Performance of Crop Production in Relation to Crop Rotation, Catch Crops, and Tillage

Crop production constitutes a significant portion of the EU’s agricultural output and influences land use decisions. Various elements within the crop production system can significantly impact its outcomes. This paper aims to evaluate the environmental and economic performance of crop rotation, catch crops, and different tillage practices in Latvia by analyzing data from case studies, field trials, and field monitoring to identify the potential for improvement towards a more sustainable utilization of agricultural land. Environmental performance was evaluated by focusing on nitrogen use efficiency (NUE), as it is likely to play a significant role in assessing the environmental suitability of crop production according to the Platform on Sustainable Finance. For economic performance, gross margins were calculated. Crop rotation in Latvia tends to be monotonous, with wheat and oilseed rape dominating over 60% of the cultivated area due to their profitability. The findings of this study indicate that achieving a minimum NUE of 70% is challenging. Crop rotations including oilseed rape, particularly the common wheat–oilseed rape rotation, have an average NUE below the threshold, while proper use of catch crops may increase NUE by 7–9%. The three-year field trials on commercial farms yielded divergent findings about the impact of various tillage practices on NUE and gross margin. However, the field trials conducted on the farm practicing reduced tillage for over ten years show higher NUE compared to ploughing. The advantage of reduced tillage was supported by the obtained results indicating lower costs of agrotechnical operations, including less diesel consumption.

Evaluation of Carbon Reduction Potential and Economic Performance of Photovoltaic Charging System for Campus Electric Bicycles

This study considers the roof characteristics of different types of buildings in the Yuntang campus of Changsha University of Science and Technology, and evaluates the overall potential for photovoltaic power generation and carbon reduction performance of the campus by simulating the roof solar radiation at multiple time scales. In addition, a photovoltaic charging system for electric bicycles suitable for the campus is proposed based on the usage of electric bicycle charging stations on campus. The Monte Carlo method is used to simulate the hourly probability distribution of the charging load, and the capacity of the photovoltaic charging system is optimized by integrating the simulated solar radiation, outdoor temperature and other data, in order to strengthen the relationship between electricity demand and energy supply of the campus.

Retracted: Comprehensive Evaluation of Government Economic Management Performance Based on Multidimensional Data Mining in Fuzzy Comprehensive Environment.

[This retracts the article DOI: 10.1155/2022/4265125.].

Energy, economic and environmental performance evaluation of co-gasification of coal and biomass negative-carbon emission system

This study evaluated the energy, economic, and environmental performance of co-gasification coal and biomass negative-carbon emission systems. All coal and all biomass systems were analyzed in detail for performance differences. The effects of the blending ratio and carbon capture rate (CCR) on the system were explored at the technical level. In addition, the impacts of carbon trading and fuel prices were considered at the market level. The results showed that the co-gasification system effectively improved the heat value of syngas and reduced the power generation cost. The efficiency and levelized cost of energy (LCOE) increase with the blending ratio. Compared with the 100 % biomass system, the power generation cost was reduced by 19 % at most. For the certain blending ratio, the energy and economic performance deteriorated as the CCR increased. A higher CCR corresponds to a higher cost of capturing unit CO2. The economic advantage decreased significantly with increasing CCR for the system with lower blending ratio. The LCOE was most sensitive to the carbon trading price at the market level. The LCOE was reduced by $ 1.93 as the carbon trading price increased by $ 1. This study demonstrates the potential and promotion value of negative-carbon emission power generation systems.

Analysis of the economic performance of salmon farming in submerged and surface cages in the Black Sea.

The production period for salmon farming in the Black Sea comprises the winter period and is limited to seven months, due to high water temperatures during the summer time. As an alternative strategy, temporary cage submersion during the summer season might be a solution for salmon grow-out throughout the year. Therefore, this study was conducted for comparative evaluation of economic performance of submerged and surface cages, by analyzing structural costs and returns for Turkish salmon farming in the Black Sea. As a result of the temporary cage submersion strategy, economic profits increased by nearly 70%, granting higher values of financial indicators with increased net profit (685,652.5 $ year-1) and margin of safety (89.6%), compared to the traditional surface cage (397,058.5 $ year-1 net profit and 88.4% margin of safety). The "What-if" analysis showed that profits from both cage systems were sensitive to variations in sale price, and the simulation by 10% reduced export market value may decrease revenues, with less financial profit loss for the submerged cage over the surface once. Hence, temporary cage submersion seems to be an alternative farm management strategy with extended production cycle and higher profits for the sustainable development of Turkish salmon farming in the Black Sea.

Performance evaluation, environmental regulation, and urban land green use efficiency: Evidence from China

AbstractEnvironmental regulation plays an important role in enhancing urban land green use efficiency (ULGUE), while economic and environmental performance evaluation may also impact ULGUE in the Chinese context. Using data from 282 prefecture‐level cities in China from 2006 to 2019, this article empirically tests the impacts of performance evaluation and environmental regulation on ULGUE by establishing a two‐way fixed‐effect model. The results show that environmental regulation has a significant contribution to ULGUE. However, environmental regulation also significantly increase carbon emissions from urban construction land, which is mainly influenced by the Chinese government's performance assessment. Therefore, the effect of performance evaluation is also examined. Economic performance evaluation is detrimental to environmental regulation and ULGUE, while environmental performance evaluation significantly contribute to both. Furthermore, economic performance evaluation and environmental regulation can synergistically promote ULGUE, however, environmental performance evaluation failed to have the same synergistic effect. Notably, when the ratio of economic performance evaluation to environmental performance evaluation was 2:8, performance evaluation and environmental regulation reached the optimal level for promoting ULGUE. Therefore, to improve ULGUE, it is necessary to establish and strengthen the constraint mechanism of environmental regulation on carbon emission from urban construction land. Meanwhile, local governments' performance assessment mechanism must be improved and the ratio of economic to environmental performance evaluation should be reasonably configured.

Exergy, economic, and climate performance evaluation of an efficient clean cogeneration system driven by low-temperature waste-heat

Currently, waste-heat emissions from industrial processes contribute significantly to climate change. Effective recovery of waste-heat is crucial for saving energy and mitigating global warming. In this study, we proposed a clean, low energy consuming cooling and power generation system driven by waste-heat at 130 °C, and compared it to the existing system. For comparing the two systems, R1234yf was used as the refrigerant, which was the best-performing refrigerant among the seven HFOs evaluated. The performance, economic efficiency, and environmental impact of the two systems were comprehensively compared based on exergy, economic, and climate performance assessments. The results showed that exergy efficiency of the proposed system was 85.46%, which was 10.08% higher than that of the original system. The equipment investment cost by the proposed system decreased by 21.17% (from $3.36 × 105 to $2.65 × 105), as compared to the original system. Moreover, the annual operating and total costs were reduced by 24.59% and 21.28%, respectively, compared to the original system. In terms of climate performance assessment, the proposed system reduced emissions by 1.18 × 107 kg CO2eq. Additionally, the proposed system reduced 1.33 × 107 kg CO2eq compared to the original system that produced 1.50 × 106 kg CO2eq. Taken together, the proposed system achieved higher exergy efficiency while reducing costs and environmental impact. This was due to the heat integration technology used to achieve energy cascading, low-energy ejectors instead of energy-intensive compressors, and the use of environmentally friendly HFO as refrigerant. In future, the proposed system could provide a reference for efficient recovery of low-temperature industrial waste-heat and development of energy systems adapted to current trends in clean industrial production.

On some approaches to assessing the effectiveness of supply chains

The authors of a scientific publication systematize and classify approaches to assessing the effectiveness of supply chains. Since the list of proposals, measures and activities for solving supply chain problems caused by sanctions is constantly updated both due to the development of experience in solving problems, and due to the increase in the number of problems in connection with the adoption of new packages of sanctions, it is necessary to periodically research and tune the criteria for assessing the effectiveness of supply chains. As a result of the study, the authors of the scientific publication identified four classes of approaches and corresponding criteria for evaluating the effectiveness of supply chains: classical economic approaches and criteria for evaluating efficiency; approaches based on the assessment of compliance with the developed standards; multicriteria approaches; approaches based on the assessment of business development barriers and, accordingly, its supply chains. With regard to classical economic approaches and performance evaluation criteria in the form of indicators traditionally used for any type of business, one can note the validity of their application in a large number of business situations. The second class of approaches is applicable in practice only if there are developed and justified supply chain standards. Most often, in this case, the justification is the recognition of the developed standard by an association of professionals, for example, the MRP I, MRP II and MRP III standards. A multi-criteria approach to evaluating supply chains would be quite logical. This is due to the fact that supply chains (if they are not shortened, which are mainly operated by 1PL-operators or 2PL-operators) are large systems. The fourth class of approaches could also be used, since in practice there is experience of its application with respect to one of the components of the supply chains, the essence of the approach was an integral assessment of barriers to the development of international road transport.