Replenishment Decisions for Complementary Components with Supply Capacity Uncertainty Under the CVaR Criterion

Author(s):  
Yanhai Li ◽  
Jinwen Ou
Author(s):  
Muhammad Rahmat ◽  
Aakil Mohammad Caunhye ◽  
Michel-Alexandre Cardin

In recent years, the electricity industry has seen a drive towards the integration of renewable and environmentally friendly generation resources to power grids. These resources have highly variable availabilities. This work proposes a stochastic programming approach to optimize generation expansion planning (GEP) under generator supply capacity uncertainty. To better capture upside opportunities and reduce exposure to downside risks, flexibility is added to the GEP problem through real options on generator addition, which are to be exercised after uncertainty realizations. In addition, with the end goal of providing decision makers with easy-to-use guidelines, a conditional-go decision rule, akin to an if-then-else statement in programming, is proposed whereby the decision maker is provided with a threshold of excess total generator capacity from the previous time period, below which a predetermined generator addition plan (the option) is exercised. The proposed methodology and its decision rule are implemented in a real-world study of Midwest U.S. Comparisons are made to quantify the value of flexibility and to showcase the usefulness of the proposed approach.


Water ◽  
2021 ◽  
Vol 13 (13) ◽  
pp. 1819
Author(s):  
Eleni S. Bekri ◽  
Polychronis Economou ◽  
Panayotis C. Yannopoulos ◽  
Alexander C. Demetracopoulos

Freshwater resources are limited and seasonally and spatially unevenly distributed. Thus, in water resources management plans, storage reservoirs play a vital role in safeguarding drinking, irrigation, hydropower and livestock water supply. In the last decades, the dams’ negative effects, such as fragmentation of water flow and sediment transport, are considered in decision-making, for achieving an optimal balance between human needs and healthy riverine and coastal ecosystems. Currently, operation of existing reservoirs is challenged by increasing water demand, climate change effects and active storage reduction due to sediment deposition, jeopardizing their supply capacity. This paper proposes a methodological framework to reassess supply capacity and management resilience for an existing reservoir under these challenges. Future projections are derived by plausible climate scenarios and global climate models and by stochastic simulation of historic data. An alternative basic reservoir management scenario with a very low exceedance probability is derived. Excess water volumes are investigated under a probabilistic prism for enabling multiple-purpose water demands. Finally, this method is showcased to the Ladhon Reservoir (Greece). The probable total benefit from water allocated to the various water uses is estimated to assist decision makers in examining the tradeoffs between the probable additional benefit and risk of exceedance.


2021 ◽  
Author(s):  
X. Jia ◽  
X. Wang ◽  
H. Zhong ◽  
J. Yao ◽  
X. Wang ◽  
...  

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