An optimization-based planning of investment strategies for a renewable energy supply system from biomass utilization

A strategic investment plan to establish renewable energy source (RES) systems plays an important role in various decision-making processes, from a stakeholder in business purposes to a policy maker for public benefits. In this study, we have developed a new optimization model to establish efficient investment strategies to design and operate a biomass to hydrogen (B2H2) system, which includes the features of RES ( e.g. , intermittent availability) and RES technologies ( e.g. , low conversion efficiency) along with various external factors on energy economy (energy price fluctuation and demand uncertainty). As a result, we identified the optimal long-term plan of investment strategy including timing, utilized amount, and capacity of facilities. In addition, we performed an economic sensitivity analysis for major parameters and evaluated a sustainability of the B2H2 system using additional metrics such as energy security and environmental protection.