Short Payback Period Research Articles

Economic Feasibility of On-Grid Photovoltaic Solar Power Plants at Private Universities in Indonesia

Campus 2 of the National Institute of Technology (ITN) Malang shows its commitment to utilizing solar energy by adopting a 500 kWp photovoltaic solar power plant (PV), making it the largest in Indonesia for a private university. This research aims to evaluate the economic feasibility of photovoltaic solar power plants (PV) at Campus 2 of the National Institute of Technology Malang. The implementation of renewable energy, particularly photovoltaic solar power, is gaining attention due to its contribution to reducing greenhouse gas emissions and economic growth. However, the development of renewable energy sources faces several challenges, including the limitations of economic feasibility studies in Indonesia. A mixed-methods research approach is used, combining qualitative and quantitative data. Qualitative data are obtained from interviews with PV management staff, while quantitative data include net present value (NPV) calculations and payback periods (PBP). The research findings indicate that the on-grid photovoltaic solar power plant at Campus 2 of the National Institute of Technology (ITN) Malang has a capacity of 500 kWp, with a peak load reaching 380 kVA. The total project cost is Rp. 4,084,498,826, with annual operational and maintenance costs of Rp. 81,595,607. The price of electricity from the on-grid photovoltaic solar power plant is Rp. 930 per kWh. An NPV value of Rp. 7,789,395,602 indicates future profitability, while a PBP of 8.55 years demonstrates feasibility in terms of return on investment. In conclusion, the on-grid photovoltaic solar power plant at Campus 2 of the National Institute of Technology Malang has good economic feasibility due to factors such as controlled costs, competitive prices, a positive NPV, and a short PBP. Regular evaluations are necessary to ensure efficient operation and maximum benefits.

A Comparative Study of Floating and Ground-Mounted Photovoltaic Power Generation in Indian Contexts

The escalating global demand for energy and growing environmental concerns have stimulated the development of renewable energy-based power systems. In this context, solar power has gained significant attention, notably in the form of floating photovoltaic systems. These systems, installed on water bodies, not only boost efficiency but also reduce water evaporation from reservoirs. This research explores the power generation capabilities of floating photovoltaic systems in comparison to ground-mounted photovoltaic systems, considering a 250-watt monocrystalline photovoltaic panel. This study utilizes typical meteorological year data to comprehensively analyze four distinct locations in India. By using a single-diode model, this study finds that floating photovoltaic systems provide 6-7% more power output than ground-mounted photovoltaic systems. This efficiency gain is because the floating photovoltaic panels operate at a lower temperature (4-6°C) than their ground-mounted photovoltaic counterparts, positively influencing the overall performance. Furthermore, the degradation and soiling of ground-mounted photovoltaic and floating photovoltaic systems were also compared. The financial analysis reveals that ground-mounted photovoltaic systems typically have a lower levelized cost of electricity and shorter payback periods. Even though the financial indicators of floating photovoltaic systems are not favorable compared to ground-mounted photovoltaic systems, these results show how vital floating photovoltaic technology is for achieving the United Nations’ Sustainable Development Goals and how it could be used as an efficient technique to reduce land requirements for solar photovoltaic solutions in various geographical conditions.

Performance and economic analysis of various geothermal power plant systems: Case study for the Chingshui geothermal field in Taiwan

Geothermal power plants are a source of sustainable energy. However, their performance is influenced by various factors, including production temperature and well locations, and few studies have investigated the relationships between these factors. To address this research gap, the present study developed integrated models of a geothermal reservoir and a variety of power plant systems. By using COMSOL and MATLAB, we conducted simulations for the Chingshui geothermal field in Taiwan to investigate the performance and economic feasibility of five common types of geothermal power plant systems over their operational lifetime under different well configurations. The key findings of this investigation are as follows. First, the locations of production wells are a primary factor influencing production temperature. Constructing wells in low-permeability zones results in considerable increases in the pressure differential in the injection pump; thus, wells should not be constructed in such zones. Second, as system flow rate and well depth decrease, production temperature remains relatively stable, net power output decreases, and system efficiency increases. This efficiency increase is caused by decreases in pumping power requirements at lower flow rates and shallower well depths. Finally, among the investigated systems, the organic Rankine cycle system had the lowest electricity production cost and shortest payback period within the enthalpy range of 500–1000 kJ/kg. Double-flash (DF) and DF–binary systems are also viable options when the mass flow rate is 10–20 kg/s and the enthalpy is 700–800 kJ/kg. Overall, the results of this study offer valuable insights for the design of geothermal power plants, thereby contributing to the optimization of renewable energy systems.

Techno-economic process design of multi-stage flash- reverse osmosis for water and power production using solar-wind resources

This paper introduces a newly developed hybrid power plant design that combines renewable energy sources to produce both electricity and freshwater. The design offers a higher gain output ratio (GOR) and improved efficiency in power and freshwater production, all at a lower cost compared to existing research papers. To generate power, the power plant incorporates a range of technologies, such as a horizontal-axis wind turbine (WT), photovoltaic panels (PV), parabolic trough collectors (PTC), a steam Rankine cycle, a multi-stage flash (MSF) desalination unit that cleverly harnesses excess heat from the Steam Rankine cycle, and an Reverse osmosis (RO) unit. With the assistance of ASPEN Plus, ASPEN Economic, and HOMER PRO software, the process parameters undergo significant improvement. According to the results, the power plant has the capacity to generate 57.63 MW of electricity and produce 2505 m3h of freshwater. Additionally, it has a GOR of 9.09 and utilizes 7285 m3h of seawater, which has a renewability factor of 97.6 %. In addition, the efficiency of the steam Rankine cycle stands at 32 %, providing notable energy savings. The production costs for electricity and freshwater are 0.037 $kW and 1.38 $m3, respectively, indicating their affordability. The economic analysis reveals promising results for the project, with an anticipated annual profit of 41 % and a relatively short capital payback period of 2.4 years. By implementing the proposed hybrid cogeneration power plant, the region can tackle its water and energy scarcity issues with a sustainable and long-lasting solution.

The Economic Efficiency of Micro Biogas Plants: A Sustainable Energy Solution in Slovenia—Case Study

This paper presents a simulation model for determining the most suitable type of microbiogas plant for small local communities on Slovenian farms, focusing on the efficient processing of organic waste. This model uses various input parameters, including different types and quantities of slurry and corn silage. Four different scenarios were developed to represent potential plant sizes, each evaluated using key economic indicators: net present value, breakthrough price, and internal rate of return. A scenario sensitivity analysis was conducted to assess the effects of changes in investment costs, fluctuations in energy prices, and the addition of corn silage to the anaerobic digestion process. The results highlight significant differences in economic viability across the scenarios, with some demonstrating positive financial outcomes and shorter payback periods and others indicating potential financial risks and longer recovery times under certain conditions. The analysis suggests that smaller micro biogas plants may struggle to achieve profitability without optimizing input ratios or reducing costs, whereas larger plants show more favorable economic indicators, provided certain conditions are met. Furthermore, the economic efficiency improves when adding maize silage to the fermentor mixture.

Strategic investments in mobile and stationary energy storage for low-carbon power systems

The main feature and trend of the distribution system is the integration of renewable energy with high penetration rates. The variability and zero marginal cost characteristics of renewable energy will lead to drastically fluctuating locational marginal prices. In the deregulated electricity market, merchants have incentives to utilize energy storage and price arbitrage. Mobile energy storage has a short capital payback period and is widely recognized for transferring energy in the temporal and spatial dimensions. This paper analyses the interaction between merchants and distribution system operators and presents a hybrid energy storage strategic investment framework using bi-level programming. In the upper-level problem, the merchant formulates the capacity, location, and operation strategy of different energy storage to maximize the market revenue of hybrid energy storage, which is paid for by the locational marginal price. In the lower-level problem, the distribution system operator develops an optimal dispatch strategy considering renewable energy and merchant investments. A joint energy and reserve market clearing procedure is performed to derive the locational marginal prices. In the lower-level problem, a data-driven solution strategy based on machine learning is introduced. It uses deep neural networks to approximate the mapping relationship between distribution system states and locational marginal prices. The presented methodology is implemented in an IEEE-33 node system. The results demonstrate that, compared to the basic case, the hybrid energy storage investment strategy has led to an 8.1 % increase in merchant profits and a 12.9 % reduction in the operational costs of the distribution network. The deep neural network approximator fully avoids the lower-level problem with less than 5 % optimality loss.

Energy-efficient separation of a ternary azeotropic mixture via azeotropic reflux-induced sequences based on the intensified pressure-swing distillation

The recovery and separation of chloroform, acetonitrile and ethanol from waste water involving two azeotropes and a distillation boundary has emerged as a pivotal concern in the pursuit of environmental protection and resource conservation. Herein, the energy-efficient separation design of the ternary azeotropic mixture based on a triple-column pressure-swing distillation (TCPSD) process with five azeotropic reflux induced sequences is comprehensively investigated. The suitable operating pressure range of the distillation columns and the potential optimal distillation sequence is investigated based on the thermodynamic intrinsic probe. According to the optimal distillation sequence, further process intensification strategies are proposed to improve the thermodynamic efficiency encompassing the heat integration pressure-swing distillation (HI-PSD), heat pump assisted pressure-swing distillation (HP-PSD), and a combination of heat pump assisted and heat integration pressure-swing distillation (HPHI-PSD). It unveils the economic preeminence of the HI-PSD process, characterized by the lowest total annual cost (TAC) in a shorter payback period (3 to 7 years). Conversely, both the HP-PSD and HPHI-PSD processes exhibit superior environmental performance on CO2 emissions of 111.46 kg/h and 119.78 kg/h respectively, with the HP-PSD demonstrating prolonged economic viability and the HPHI-PSD showcasing heightened thermodynamic efficiency of a 65.12 % improvement. This study potentially provides a theoretical basis for devising industrial separation schemes for analogous pressure-sensitive ternary azeotropic systems.

Internal rates of return for public R&D from VECM estimates for 17 OECD Countries

Public R&D stimulates domestic private and foreign private and public R&D, together enhancing technical change and thereby GDP. In this paper, we evaluate vector-error-correction model (VECM) estimations and simulations of a companion paper in regard to internal rates of return (and related aspects) to additional public R&D of OECD countries and compare them to the macroeconomic literature. We show (i) internal rates of return to public R&D shocks, and (ii) the related payback periods, gain/GDP ratios, and sums of discounted (at 4%) gains. Fourteen of 17 countries show high internal rates of return, short payback periods, and high gains/GDP ratios from positive public R&D shocks if projects are stopped when gains get negative. Three countries show crowding-out effects and require (initial) reductions of public R&D before showing positive results.

Simulation, technical-economic evaluation and risk analysis of the purification of different bio-oils obtained by the fast pyrolysis process

Biomass is a natural compound that originates from various forms of organic matter. One way to transform biomass into value-added products is through the fast pyrolysis process, which is a thermochemical process that produces solid, liquid and gaseous compounds. The main product of this process is the bio-oil, found in the liquid phase and containing a wide range of value-added compounds that can be obtained through extraction and distillation. Simulation is an important tool for predicting, modeling and understanding the feasibility of the desired process, along with economic analysis of risks and uncertainties, which are useful techniques for studying the feasibility of projects. In this context, this work aimed to carry out the simulation using the Aspen Plus ® process simulator, the analysis of economic viability and the analysis of risks and uncertainties of the process of separation and purification of bio-oil compounds, derivatives of wood from eucalyptus, eucalyptus residues and sugarcane bagasse. After completing these steps, the project achieved a good result, with desired products being obtained with a considerable degree of purity for commercialization. Economically, all processes were viable, obtaining a good return on investment and a short payback period, despite the high costs involved. Even considering risks and uncertainties, including the variation in the cost of raw materials and production capacity, the investment still returned good results, demonstrating that the project is economically viable even under these circumstances.

Comparison and analysis on comprehensive performance of CO2 multiphase refrigeration systems using liquefied natural gas cold energy

In order to fully apply liquefied natural gas (LNG) cold energy to the refrigeration system, four different types of CO2 multiphase refrigeration systems using LNG cold energy are designed. In this paper, (1) CO2 single-stage compressed solid and gas phase refrigeration cycle (SSCC1), (2) CO2 single-stage compressed solid and solid phase refrigeration cycle (SSCC2), (3) CO2 double-stage compressed solid and gas phase refrigeration cycle (DSCC1), and (4) CO2 double-stage compressed solid and solid phase refrigeration cycle (DSCC2) are combined with CO2 liquid phase secondary refrigerant cycle (RC), respectively, to effectively use LNG cold energy. The performance analysis, exergy analysis, economic analysis, and CO2 emission analysis of the proposed systems are carried out by establishing the mathematical models. The results show that the intermediate pressure of DSCC1-RC and DSCC2-RC reaches the best performance at 0.3 MPa, and the system performance decreases with the increase in intermediate temperature. The refrigerating capacity of the CO2 liquid phase secondary refrigerant cycle, the COP, and the exergy efficiency of four kinds of CO2 multiphase refrigeration systems decrease with the increase in the refrigerating capacity of the CO2 refrigeration cycle, while the power consumption of SSCC2-RC and DSCC2-RC decreases, SSCC1-RC and DSCC1-RC increased. The system with the shortest exergy loss is DSCC2-RC at 654.01 kW, while the system with the shortest payback period is SSCC2-RC at 0.88 years, and DSCC2-RC has the smallest CO2 emission. Four CO2 multiphase refrigeration systems and the ammonia combined refrigeration system with the same total refrigerating capacity are compared and analyzed, respectively; the results show that the performance, economy, and CO2 emission of CO2 multiphase refrigeration system are better than those of ammonia combined refrigeration system; and the exergy loss of CO2 multiphase refrigeration system is generally larger than that of ammonia combined refrigeration system because of the large temperature difference in heat transfer.

A quantitative comparison of economic viability, volatile organic compounds, and particle-bound carbon emissions from a diesel engine fueled with biodiesel blends

Despite the environmental advantages of biofuel blends, detailed studies on emissions of polycyclic aromatic hydrocarbons (PAHs), n-alkanes, and particle-bound carbon from diesel engines, particularly when fueled with biodiesel, remain limited. This study addresses these gaps by analyzing biodiesel blends from neem, linseed, and jatropha oils produced via mechanical extraction and assessing their impact on volatile organic compounds and particle-bound carbon emissions in diesel engine. Economic evaluations of production costs, engine modifications, and payback periods are also conducted. The result shows that jatropha biodiesel exhibits a calorific value of 35.7 MJ/kg, while neem biodiesel shows superior oxidative stability due to its low iodine value. Additionally, linseed biodiesel displays favorable cold flow properties due to its high density and cetane value. Compared to D100, the N10 and N30 blend notably reduced high molecular weight PAH emissions by 10.7 % and 38.4 %, respectively, with the N30 blend achieving a remarkable 76 % reduction in formaldehyde emissions. Conversely, the J10 blend increased specific PAHs, while the J30 blend reduced PAHs by 21.3 %. Both L10 and L30 blends showed reduced naphthalene emissions, with the J30 blend notably reducing elemental carbon (EC) by 31.4 %, although organic carbon (OC) slightly increased. In contrast, the N30 blend decreased both EC and OC emissions, demonstrating a dose-dependent relationship between biodiesel concentration and emissions reduction. Overall, Jatropha biodiesel blends offer the best balance of economic efficiency and emission reductions, resulting in shorter payback periods and lower carcinogenic risks. Neem and linseed blends also provide environmental benefits but with varying economic implications, highlighting the trade-offs between production costs and long-term sustainability.

Improvement of Solar Farm Performance based on Photovoltaic Modules Selection

The emissions of greenhouse gases from conventional power plants are currently a significant cause for worry. In China, about 75% of total domestic energy is dependent on coal-fire power, which emits 50% of total SO2 and has a significant impact on the human respiratory system. Therefore, solar power plants are a viable option that can mitigate this problem. Furthermore, the efficiency of solar modules exhibits a progressive upward trend, while their price per watt experiences a corresponding decline, making it a promising source for future energy. This article examines the performance and effectiveness of several photovoltaic (PV) modules in designing solar plants on a certain land area measuring 10000 m2 (100 m * 100 m). The PV plant performance was evaluated by comparing occupation ratio (OR), PV power capacity, net energy production, performance ratio (PR) via PVsyst software, and lastly financial analysis. Consequently, the PV module (PV7), characterized by its high efficiency, low temperature coefficients, and affordable price, result in a significant OR (73.81%), increased installed PV power capacity (1568kW), enhanced net energy output (2269029 kWh/year), improved yearly PR (83.4%), and lastly, the shortest payback period (around two years). Instead of optimizing shadow length in existing research, this paper aims to improve the performance of large-scale solar farm based on PV module selection which results in less computation and structure installation efforts.

Application to novel smart techniques for decarbonization of commercial building heating and cooling through optimal energy management

The present article proposes a novel smart building energy system utilizing deep geothermal resources through naturally-driven borehole thermal energy storage interacting with the district heating network. It includes an intelligent control strategy for lowering operational costs, making better use of renewables, and avoiding CO2 emissions by eliminating heat pumps and cooling machines to address the heating and cooling demands of a commercial building in Uppsala, a city near Stockholm, Sweden. After comprehensively conducting techno-environmental and economic assessments, the system is fine-tuned using artificial neural networks (ANN) for optimization. The study aims to determine which ANN design and training procedure is the most efficient in terms of accuracy and computing speed. It also assesses well-known optimization algorithms using the TOPSIS decision-making technique to find the best trade-off among various indicators. According to the parametric results, deeper boreholes can collect more geothermal energy and reduce CO2 emissions. However, deep drilling becomes more expensive overall, suggesting the need for multi-objective optimization to balance costs and techno-environmental benefits. The results indicate that Levenberg-Marquardt algorithms offer the optimum trade-off between computation time and error minimization. From a TOPSIS perspective, while the dragonfly algorithm is not ideal for optimizing the suggested system, the non-dominated sorting genetic algorithm is the most efficient since it yields more ideal points rated below 100. The optimization yields a higher energy production of 120 kWh/m2, as well as a decreased levelized cost of energy of 57 $/MWh, a shorter payback period of two years, and a reduced CO2 index of 1.90 kg/MWh. The analysis reveals that despite the high investment costs of 382.50 USD/m2, the system is financially beneficial in the long run due to a short payback period of around eight years, which aligns with the goals of future smart energy systems: reduce pollution and increase cost-effectiveness.

Product Selection Toward High-Value Hydrogen and Bamboo-Shaped Carbon Nanotubes from Plastic Waste by Catalytic Microwave Processing.

The escalating levels of plastic waste and energy crises underscore the urgent need for effective waste-to-energy strategies. This study focused on converting polypropylene wastes into high-value products employing various iron-based catalysts and microwave radiative thermal processing. The Al-Fe catalysts exhibited exceptional performance, achieving a hydrogen utilization efficiency of 97.65% and a yield of 44.07 mmol/g PP. The gas yields increased from 19.99 to 94.21 wt % compared to noncatalytic experiments. Furthermore, this catalytic system produced high-value bamboo-shaped carbon nanotubes that were absent in other catalysts. The mechanism analysis on catalytic properties and product yields highlighted the significance of oxygen vacancies in selecting high-value products through two adsorption pathways. Moreover, the investigation examined the variations in product distribution mechanisms between conventional and microwave pyrolysis, in which microwave conditions resulted in 4 times higher hydrogen yields. The technoeconomic assessment and Monte Carlo risk analysis further compared the disparity. The microwave technique had a remarkable internal rate of return (IRR) of 39%, leading to an income of $577/t of plastic with a short payback period of 2.5 years. This research offered sustainable solutions for the plastic crisis, validating the potential applicability of commercializing the research outcomes in real-world scenarios.

Design and development of pilot plant applied to wind and light abandonment power conversion: Electromagnetic heating of solid particles and steam generator

With the rising capacity of renewable energy electricity but incomplete supporting dissipation equipment, this work develops a new charging and discharging device for electromagnetic heating of solid particles to convert electricity from renewable sources into superheated steam, which achieves battery storage efficiency with sufficient safety, terrain-independent and scalable through paralleling. The study reveals that the electro-thermal conversion efficiency of electromagnetically heated iron ore particles increases with particle mass flow rate at different wall temperatures, reaching a maximum of 93.8% at 500 °C. In contrast, the efficiency trend for quartz sand particles is inconsistent, peaking at 68% due to poor thermal conductivity causing inefficiencies at higher mass flow rates. A dimensionless mathematical model (Re-Nu, Re < 10) for both particles is derived from experimental data, offering theoretical guidance for industrialization. Experiments with a shell-and-tube solid particle-packed bed yield continuous production of 35 kg/h, 300 °C superheated steam for 12 min with an 86.4% discharge efficiency and achieve an 81% cycle efficiency, which surpasses compressed air storage(60%), approaches battery and flywheel efficiency(85%). Economic feasibility analysis for a 5MW/5MWH system under two business models demonstrates a short payback period of 2.62 years when providing industrial steam and 6.4 years when used in thermal power plant flexibility transformation. Technological innovations to improve equipment efficiency are critical to the first business mode (selling steam), while grid-determined peak prices are critical to the latter (thermal flexibility retrofits). The study underscores the technical and economic superiority of the proposed devices for utilizing abandoned wind and light, providing a novel solution for carbon reduction and peak shaving in the context of new energy.

Techno‐economic and carbon footprint analyses of steam Rankine cycle

AbstractSteam Rankine cycle (SRC), which is mainly utilised in power generation sector, faces external irreversibility in its daily operation causing inefficiency in the system. To address this issue, reheat Rankine cycle (RHRC) and regenerative Rankine cycle (RRC) have been widely studied and implemented in power plants to improve thermal efficiency and reduce external irreversibility of Rankine cycle. This study investigates the implementation of different RRC configurations in a combined heat and power plant, including RRC with modified thermal deaerator, RRC with open feed water heater (OFWH) and closed feed water heater (CFWH). A base case simulation model was first constructed using commercial simulation software Aspen HYSYS for the basic SRC system based on actual plant data. Various scenarios were then evaluated for their profitability and sustainability through techno‐economic analysis (TEA) and carbon footprint analysis (CFA). From both analyses, the scenario of RRC with CFWH showed the greatest long‐term potential, generating the highest annual profit of $ 771 691 and carbon footprint reduction of 14.63%, while RRC with modified thermal deaerator showed the greatest potential in the short run with the highest return of investment (ROI) of 201.51% and shortest payback period (PBP) of 0.50 year.

APPROACH TO MATHEMATICAL MODELING OF THE COST OF APPLYING COATINGS TO PREVENT THE FORMATION OF ARPD

The authors explore the topic of operation of main oil pipelines, complicated by the formation and settling of asphalt, resin, and paraffin deposits (wax deposits). It is known that the fallout of paraffin deteriorates the technological characteristics of the pipeline, which has a number of negative consequences from an economic point of view: a decrease in income due to a narrowing of the flow area and the volume of pumped oil, an increase in costs due to the increased load on main pumps. Today, there are many different ways to combat wax deposits, primarily aimed at preventing the fallout or removing formed deposits from the internal surface of an oil pipeline, the effectiveness of which is determined individually for each pipeline due to the complexity in assessing the influence of the rheological characteristics of oil and the geological conditions of the pipeline on the effectiveness of the methods. One of the additional and universal options for combating wax deposits is the use of internal and external protective coatings.The authors have developed a number of models of oil pipelines that use oils from various oil and gas basins, differing in paraffin content, and considering the presence of insulation of various protective coatings (paint and varnish, highly reinforced protective coating (VUS), bitumen-mastic VUS, polyurethane foam) and their combinations. For these models, the Schlumberger OLGA program simulated the operation of the pipeline for 180 days, on the basis of which the maximum thickness of the formed paraffin was estimated, and the specific energy costs for pumping through the pipeline without coating and various types of coating were calculated, after which the calculation was performed main economic indicators of pipeline operation for each option. Based on the calculation results, it was concluded that it is advisable to use one or another coating based on the shortest payback period. This comprehensive assessment demonstrates a methodology for assessing the effectiveness of the use of protective coatings from both a technological and economic point of view and allows us to draw conclusions about the possibility of using one or another option based on the results of the study, depending on the composition of the oil.

Techno-economic assessment of concentrated solar power technologies integrated with thermal energy storage system for green hydrogen production

The present study investigates the viability of employing Solar parabolic trough collectors (PTC) and parabolic dish collectors (PDC) integrated with thermal energy storage (TES) as the primary heat source for a steam-powered Rankine cycle, aimed to produce 5500 kW power for green hydrogen generation. A techno-economic analysis finds the system's overall efficiency (solar input to generator output) as 15.06% with PTC and 18.80% with PDC. Besides, incorporating PTC with binary and ternary salts in the proposed system yields approximately 22.7 % lower capital costs and a 7.8 % shorter payback period than solar PDC. Likewise, the levelized hydrogen cost with these options is around 12.3 % lower than those of PDC across all zones. However, to sustain a maximum annual hydrogen production of 238.38 tonne, equivalent to an annual electricity generation of 11180.07 MWh in each zone, the required PTC area is approximately 24.85% larger than PDC area.

The Puzzle of UK (Under‐) Investment: Is Investment Short‐Termism Just a Supply‐Side Problem in Capital Markets?

AbstractInvestors and financial market intermediaries have been blamed for under‐investment, low growth and low rates of innovation in the UK, with their behaviour being attributed to short‐termism. Various reasons for short‐termism have been identified, including undervaluing long‐term earnings, increased financial obstacles associated with longer investment horizons, and the adoption of financial control systems to meet investors’ demands for quarterly earnings reports. As a result, firms may opt for suboptimal short‐term investment projects while neglecting potentially valuable long‐term initiatives. Most research has focused on large corporates, which constitute a small fraction of the economy and involve multiple stakeholders. There is a significant knowledge gap regarding small owner‐managed firms that rely primarily on internal financing and bank debt for investment. Our study fills this gap by analysing a comprehensive UK finance and investment decision‐making survey of 1501 firms across all classes. The survey reveals that investment appraisal relies on a ‘payback’ period. We find that 58.8% of firms choose a payback period of 3 years or less, with shorter payback periods more prominent among the smallest firms. This suggests that financial frictions impact the investment behaviour of the smallest firms, while shareholder‐driven short‐termism influences the largest firms but only in relation to research and development projects.

Performance comparison of air source heat pump coupling with solar evacuated tube water heater and that with micro heat pipe PV/T

Air source heat pump (ASHP) has been generally regarded as energy saving devices for winter heating, yet for low-income households, the operational costs for heating in low-temperature conditions may be prohibitively high. Solar evacuated tube water heater (SETWH) and photovoltaic/thermal are economical solar energy conversion devices. Integrating them into ASHP has been proven globally to significantly reduce heating costs. However, a performance comparison between the SETWH combined with ASHP (SETWH-ASHP) and of micro heat pipe photovoltaic/thermal (MHP-PV/T) combined with ASHP (MHP-PV/T-ASHP) heating systems remains unexplored. Therefore, for a 120 m2 building with underfloor heating water pipe, SETWH-ASHP and MHP-PV/T-ASHP heating systems were respectively developed on the TRNSYS software platform. Their accuracy was confirmed using prior experimental data, followed by performance simulation for the heating season. The result is that MHP-PV/T-ASHP heating system outperformed SETWH-ASHP heating system, showing a 19 % increase in solar fraction, a 2.2 boost in system energy efficiency ratio, a 12.3 % rise in primary energy saving rate, a 0.9-year shorter payback period, and a reduction of 494.7 kg in CO2 emissions over the heating season. The results offer practical guidance for the promotion and application of heating systems that combine efficient and low-cost solar conversion devices with ASHP.