investment in a combined heat-and-power production (cogeneration) system, or to invest in a conventional heat-only generation … findings with a numerical example that is based on realistic cost values for industrial oil- or gas-fired cogeneration and heat …

cogeneration or some heat-only generating technology, or a combination of the two. The deterministic model suggested is specified … variations in other parameters on the optimal timing to adopt a cogeneration system and the optimal capacity choice/mix. The firm … the energy policy level, our findings of discrete jumps in the optimal cogeneration capacity level call for tailored …