Economic Value Estimation of Biogas Utilization in Public Wastewater Treatment Plants of the Republic of Korea

Deok-Kyeom Jung and Sung-Min Park ()
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Deok-Kyeom Jung: Graduate School of Smart City & Urban Regeneration Converge, Hongik University, Sejong 30016, Republic of Korea
Sung-Min Park: Department of Electronic and Electrical Engineering, Hongik University, Sejong 30016, Republic of Korea

Energies, 2023, vol. 16, issue 5, 1-13

Abstract: This paper presents economic value estimation of improved biogas utilization systems of public wastewater treatment plants in Republic of Korea. Since a large amount of biogas produced at digestion facilities is being wasted as a by-product, the biogas energy utilization system needs to be enhanced. In this paper, three operating options able to utilize the produced biogas are proposed, and then their monetary benefits are estimated by means of net present value calculation. Real operational data from the public wastewater treatment plant located in Sejong city, Republic of Korea, is used to reflect a variation of the rated daily gas production and its concentration according to the weather and seasons, resulting in calculating more reliable results. Additionally, to minimize the estimation errors due to uncertainties of the gas concentration and the gas selling price, a Monte Carlo simulation considering the variation of critical input data is carried out. As a result, the proposed approach can lead to better decisions in selecting the suitable biogas utilization system by forecasting the ranges of possible economic values.

Keywords: biogas; net present value; monte-carlo simulation; wastewater treatment plant (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
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