Version 1
: Received: 3 October 2024 / Approved: 4 October 2024 / Online: 5 October 2024 (16:00:01 CEST)
How to cite:
Kang, M.; Park, S.; Cho, K. The Economic Net-Zero Energy Mix in the Industrial Complex to Accelerate RE 100 Policy; Lessons from Empirical Analysis. Preprints2024, 2024100331. https://doi.org/10.20944/preprints202410.0331.v1
Kang, M.; Park, S.; Cho, K. The Economic Net-Zero Energy Mix in the Industrial Complex to Accelerate RE 100 Policy; Lessons from Empirical Analysis. Preprints 2024, 2024100331. https://doi.org/10.20944/preprints202410.0331.v1
Kang, M.; Park, S.; Cho, K. The Economic Net-Zero Energy Mix in the Industrial Complex to Accelerate RE 100 Policy; Lessons from Empirical Analysis. Preprints2024, 2024100331. https://doi.org/10.20944/preprints202410.0331.v1
APA Style
Kang, M., Park, S., & Cho, K. (2024). The Economic Net-Zero Energy Mix in the Industrial Complex to Accelerate RE 100 Policy; Lessons from Empirical Analysis. Preprints. https://doi.org/10.20944/preprints202410.0331.v1
Chicago/Turabian Style
Kang, M., SooJin Park and KangWook Cho. 2024 "The Economic Net-Zero Energy Mix in the Industrial Complex to Accelerate RE 100 Policy; Lessons from Empirical Analysis" Preprints. https://doi.org/10.20944/preprints202410.0331.v1
Abstract
This study investigates the optimal energy mix for industrial complexes by integrating renewable energy systems, decarbonization strategies, and sector coupling technologies, using actual load data from the Balan Industrial Complex in Korea. Five different energy scenarios were analyzed, ranging from a conventional base case (Scenario 1) to progressively more advanced configurations incorporating renewable sources (Scenarios 2 to 5). The findings reveal that Scenario 5, which combines sector coupling, hydrogen-based systems, and decarbonization technologies, is the most cost-effective and environmentally sustainable, achieving the lowest Net Present Cost (NPC) and significantly reducing CO2 emissions. To enhance the study’s relevance, electricity prices and CO2 emission costs from Korea, the United States, and Germany were considered, revealing that regional electricity tariffs and carbon pricing mechanisms greatly influence the economic feasibility of the proposed energy systems. Despite the higher initial investment for renewable-based setups, Scenario 5 proved to be the most economically viable over the long term when factoring in operational costs and emission penalties, underlining the potential for renewable integration to achieve both cost savings and environmental benefits. These results provide valuable insights for policymakers and industry leaders aiming to adopt sustainable, cost-effective energy solutions, highlighting the necessity of tailored strategies to optimize energy systems for industrial applications. This research thus offers a meaningful contribution to the field of sustainable energy transitions, suggesting that sector coupling and renewable integration hold significant promise for enhancing the efficiency and sustainability of energy systems in diverse industrial areas.
Keywords
Economic Energy Mix; Industrial Complexes; Renewable Energy Integration; Decarbonization strategies; Sector Coupling; Sustainable Energy Transitions; Energy Policy and Economics
Subject
Engineering, Energy and Fuel Technology
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
