Comprehensive Review on Modelling and Optimization of Budget Allocation for Procurement of Alternative Gas Sources in Power Plant Industry

The transition to alternative gas sources in the power plant industry has become much imperative to reduce carbon emissions, diversify energy sources, and meet sustainability goals. The study plans to give a comprehensive analysis of the existing literature on modeling and optimization of budget allocation for the procurement of alternative gas sources in the power plant industry. The review encompasses studies from diverse perspectives, including mathematical modeling, optimization techniques, cost analysis, environmental impact assessment, and case studies. By synthesizing the findings and methodologies employed in previous research, this review identifies key trends, challenges, and opportunities in the field. This review highlights the significance of considering different factors such as procurement costs, infrastructure modifications, operational expenses, and environmental implications in the budget allocation process. Moreover, it examines the applications of mathematical optimization algorithms, sensitivity analysis, and scenario testing in achieving optimal budget allocation outcomes. The review further discusses the role of stakeholder engagement in various industries, regulatory frameworks, and technological advancements in shaping budget allocation strategies. Through this comprehensive examination of the current literature, this review plans to integrate the development of effective and sustainable budget allocation models for the procurement of alternative gas sources in the power plant industry