Final answer:
Cogeneration refers to the simultaneous production of electricity and thermal energy, enhancing efficiency by utilizing waste heat that would normally be lost.
Step-by-step explanation:
Cogeneration is the simultaneous production of electricity and thermal energy. It has indeed become a standard feature in many industrial facilities, including those of ExxonMobil, as it helps to improve overall efficiency. By utilizing waste heat that would otherwise escape in condensing or stack gases, cogeneration can raise overall efficiency by 10 - 15%, making it a more sustainable energy solution compared to traditional power generation methods.
This improved efficiency is achieved because cogeneration takes advantage of the heat produced during electricity generation, which in traditional plants is often lost to the environment. For instance, coal power plants can convert about 40% of the energy released from combustion to electricity, but the waste heat can also be used in cogeneration for heating homes or industrial processes, thereby extracting more useful energy from the same amount of fuel. This process not only makes better use of energy resources but also helps in reducing the carbon footprint, which is crucial for combatting global warming and achieving sustainable energy consumption patterns.