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@ARTICLE{Mucci:1021905,
      author       = {Mucci, Simone and Mitsos, Alexander and Bongartz, Dominik},
      title        = {{C}ost-{O}ptimal {P}ower-to-{M}ethanol: {F}lexible
                      {O}peration or {I}ntermediate {S}torage?},
      publisher    = {arXiv},
      reportid     = {FZJ-2024-01053},
      year         = {2023},
      abstract     = {The synthesis of methanol from captured carbon dioxide and
                      green hydrogen could be a promising replacement for the
                      current fossil-based production. The major energy input and
                      cost driver for such a process is the electricity for
                      hydrogen production. Time-variable electricity cost or
                      availability thus motivates flexible operation. However, it
                      is unclear if each unit of the process should be operated
                      flexibly, and if storage of electricity or hydrogen reduces
                      the methanol production cost. To answer these questions, we
                      modeled a Power-to-Methanol plant with batteries and
                      hydrogen storage. Using this model, we solved a combined
                      design and scheduling optimization problem, which provides
                      the optimal size of the units of the plant and their optimal
                      (quasi-stationary) operation. The annualized cost of
                      methanol was minimized for a grid-connected and a
                      stand-alone case study. The optimization results confirm
                      that storage, especially hydrogen storage, is particularly
                      beneficial when the electricity price is high and highly
                      fluctuating. Irrespective of the presence of storage, the
                      whole Power-to-Methanol plant should be operated flexibly:
                      even moderate flexibility of the methanol synthesis unit
                      significantly reduces the production cost.},
      keywords     = {Optimization and Control (math.OC) (Other) / FOS:
                      Mathematics (Other)},
      cin          = {IEK-10},
      cid          = {I:(DE-Juel1)IEK-10-20170217},
      pnm          = {899 - ohne Topic (POF4-899)},
      pid          = {G:(DE-HGF)POF4-899},
      typ          = {PUB:(DE-HGF)25},
      doi          = {10.48550/ARXIV.2305.18338},
      url          = {https://juser.fz-juelich.de/record/1021905},
}