Distributed generation is a good option for future energy systems with respect to\nsustainable development. In this context, the small-scale combined heat and power (CHP) plants\nare seen as an efficient way to reduce greenhouse gas emissions due to lower fuel consumption\ncompared to the separate generation of the heat and electricity. The objective of this paper is to\nestablish operating strategies of the small-scale CHP plants to reduce operational cost and increase\nrevenue in liberalized electricity markets. It analyzes a cogeneration plant with organic Rankine\ncycle and biomass fuel under the conditions of the Romanian electricity market and the green\ncertificates support scheme for electricity generated in high efficiency cogeneration and from\nrenewable sources. The main finding is that choosing an appropriate mode of operation and using\ncorrelated prices of heat and electricity can increase the trading profitability of a CHP plant in\nliberalized power markets. This can be done by an analysis of the particularities and the specific\noperating conditions of the CHP plant. The results show that the operating strategies of the CHP\nplant can yield substantial net revenues from electricity and heat sales. The CHP plant can be\neconomically operated to a useful heat load of more than 40% when operating strategies are applied.
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