Energy Management and Economics

Accurate estimation of the cost is possible by using techno economic analysis in planning and operation of energy production and usage toward proper energy management and economics. Inaccurate assumptions, scale-down/scale-up problems, noncompetitive utility costs, and waste treatment may lead to failures in employing the actual trend in energy management and cost estimations with projections for upscale energy management operations. Risk analysis and sensitivity analysis help operate large energy system investments successfully. In a comprehensive feasibility analysis, techno economic analysis is being complemented with sustainability metrics to account current socioeconomics, socio-ecology, and eco-economics changes. Besides, ‘Circular Economy’ is incorporated into sustainability through the element of economics as it replaces conventional linear economy by increasing efficiency in energy management, recycling, and reducing emissions.