The pulp and paper industry has many promising opportunities in the biorefinery field. To reach this potential, investments are required in new, emerging technologies and systems solutions which cannot be quickly implemented. In this paper, an approach to model the necessarily long planning...

In this paper, we propose a systematic approach to study how the development in terms of cost and proven functionality of emerging energy technologies affects the optimal choice and timing of investment decisions at an industrial plant today. The methodology used is based on stochastic...