Abstract
As society transitions away from fossil fuels towards renewable energy
sources, finding alternatives that are reliable becomes imperative.
Waste-to-energy bioprocesses are promising options due to their ability
to operate independently of weather conditions or time of day, making
them sustainable and potentially lucrative solutions. This paper
proposes an updated bioeconomic model, based on previous research [12,
13], to analyze investment in waste-to-energy technology and its
associated valorization of waste treatment. This conceptual model
represents a generic framework for studying waste-to-energy processes.
By taking technological constraints into account, the updated model aims
to optimize energy production processes and establish a sustainable
business model. Indeed, using dynamic modeling, investment and
valorization strategies will be evaluated through a maximization
criterion over a finite time horizon, which is stated as an optimal
control problem. The effective control strategies are then determined
using the Pontryagin’s Maximum Principle. Furthermore, direct
optimization methods are applied to derive and validate the
effectiveness of the obtained optimal strategy. This approach allows for
a thorough evaluation of the economic and environmental impacts in
waste-to-energy technologies, identifying optimal investment and
valorization strategies to promote sustainable waste management
practices. In addition, a sensitivity analysis is conducted to evaluate
the robustness of the studied model, and provide insights into
biotechnological limitations. Finally, an extensive numerical
exploration of the turnpike-like features that characterize the optimal
long-term behavior of the investment problem is widely discussed.