Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment

Sandipa Bhattacharya, Mitali Sarkar, Biswajit Sarkar () and Lakshmi Thangavelu
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Sandipa Bhattacharya: Department of Mathematics, National Institute of Technology Durgapur, Mahatma Gandhi Avenue, Chakdaha 713209, West Bengal, India
Mitali Sarkar: Department of Industrial and Management Engineering, Pohang University of Science and Technology, Pohang 37673, Republic of Korea
Biswajit Sarkar: Department of Industrial Engineering, Yonsei University, 50 Yonsei-ro, Sinchon-dong, Seodaemun-gu, Seoul 03722, Republic of Korea
Lakshmi Thangavelu: Department of Pharmacology, Saveetha Dental College, Saveetha Institute of Medical and Technical Sciences, Saveetha University, Chennai 600077, Tamil Nadu, India

Mathematics, 2023, vol. 11, issue 19, 1-22

Abstract: Due to rapid population growth and industrialization, the demand for electrical energy and its consumption has reached a critical point where it is no longer sustainable or stable. Therefore, it is imperative to explore new and reliable energy generation alternatives considering technical and economic perspectives, regardless of whether the community is isolated or urbanized. The research introduces a mixed-integer non-linear programming model of an energy supply chain that combines the roles of a manufacturer and retailer within a dynamic solar energy framework. The study highlights the manufacturer’s significant efforts to sustain itself in a competitive market and emphasizes the importance of government subsidies to support this approach. To meet the demands of a dynamic environment, a non-continuous demand function is utilized to generate and transmit energy at a highly sustainable level, promoting ecological balance. The model’s validity is confirmed through experimental evaluation using two case studies. Furthermore, by increasing the demand by 50%, this study demonstrates the potential for economic growth, resulting in a 20% profit for the manufacturer in the retail sector. This research ensures improved energy efficiency and greener consumption practices and addresses the optimal distribution of renewable energy to minimize imbalances. Finally, it reveals a pathway to sustainable development that promotes technological advancements while minimizing costs, offering a cost-effective scenario for the foreseeable future.

Keywords: energy supply chain; dynamic environment; greener consumption; renewable energy; sustainable development (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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