Profit maximization for utility companies in an oligopolistic energy market with dynamic prices

Author(s):  
Tiansong Cui ◽  
Yanzhi Wang ◽  
Hadi Goudarzi ◽  
Shahin Nazarian ◽  
Massoud Pedram
AIMS Energy ◽  
2016 ◽  
Vol 4 (1) ◽  
pp. 119-135
Author(s):  
Tiansong Cui ◽  
◽  
Yanzhi Wang ◽  
Shahin Nazarian ◽  
Massoud Pedram

2020 ◽  
Vol 15 ◽  

Effective usage of Information and Communication Technologies (ICT) has started with a paradigm shift in the energy management and functioning of the conventional power grid. It also aids in the maintenance of the complete information about consumer usage pattern, power storage, supply and regulation. Blending of information and communication technologies with energy management creates a smart grid environment which makes it move to the next horizon. The smart grid environment, uplifts renewable energy sources and brings out novel strategies in the energy market. The new functioning of the energy market attracts more utility companies for decentralized power generation and optimizes the power price for the consumer. The consumer plays an active role in the demand response modelling to maximize the welfare of the utility and to obtain the optimized price for their demand. In this paper, a novel demand response management scheme is proposed for multi-utility environment. The utility companies function in a peer to peer manner to communicate effectively and to select a specific utility from a set of utilities for the power supply. The selection of single utility is based on a non-cooperative game theory algorithm where the demand and generated power should be balanced to maximize the welfare of the utility and the residential consumers. The power price can be updated in an equal interval to allow all the utilities to participate in the Distributed Multi-Utility Demand Response Management (DMDRM) system. The simulated results justify that the distributed noncooperative game theory algorithm certainly maximizes the welfare of the utility companies and residential consumers.


2020 ◽  
Vol 6 (1) ◽  
Author(s):  
S Mohd Baki ◽  
Jack Kie Cheng

Production planning is often challenging for small medium enterprises (SMEs) company. Most of the SMEs are having difficulty in determining the optimal level of the production output which can affect their business performance. Product mix optimization is one of the main key for production planning. Many company have used linear programming model in determining the optimal combination of various products that need to be produced in order to maximize profit. Thus, this study aims for profit maximization of a SME company in Malaysia by using linear programming model. The purposes of this study are to identify the current process in the production line and to formulate a linear programming model that would suggest a viable product mix to ensure optimum profitability for the company. ABC Sdn Bhd is selected as a case study company for product mix profit maximization study. Some conclusive observations have been drawn and recommendations have been suggested. This study will provide the company and other companies, particularly in Malaysia, an exposure of linear programming method in making decisions to determine the maximum profit for different product mix.


2020 ◽  
Vol 16 (5) ◽  
pp. 966-979
Author(s):  
O.B. Sheveleva ◽  
E.V. Slesarenko

Subject. The article deals with the security of the fiscal and budgetary system in resource-based regions during highly volatile prices in the global energy market external economic, political, technological and epidemiological shocks. Objectives. The study is to detect hazards in the fiscal and budgetary system of resource-based regions. Such hazards really put the regional competitiveness and economic security at peril. Methods. The article evaluates the security of the fiscal system in the Kemerovo Oblast through the integral indicator and the threshold (critical) value. Results. We found key threats to the fiscal and budgetary system of the Kemerovo Oblast, which undermine the regional competitiveness and economic security. Conclusions and Relevance. Authorities shall comprehensively attempt to create the environment for developing manufacturing sectors in the region, especially science-intensive and high-tech production enterprises by alleviating infrastructure and administrative constraints for business, raising the finance of science and innovation from the State and mobilize investors' resources, lure them to finance prioritized lines of the regional economic development. The findings and conclusions can be used to outline principles of the region's economic policy, socioeconomic development strategies of the region economy.


2016 ◽  
Vol 3 (1) ◽  
pp. 78
Author(s):  
Blerina Muskaj

At the beginning of my paper I will explain the concept of "Geopolitics of Energy", this will be done for a quite simple reason, because I want everyone who can sit to read this article to understand more clearly what is at stake, therefore allow them the comprehension of what is being elaborated bellow at first sight. Geopolitics of energy is a concept that relates to policies choosing exporters to implement on importers, is the policy that has an impact on energy consumption, which includes consumer’s choice in the geopolitical context, taking into account the economy, foreign policy, the safety of energy, environmental consequences and priorities that carries the energy exporter. This concept permits the understanding of how works the politics that undertakes this initiative taking into account natural resources such as: natural gas and oil. Natural gas and oil are two main resources that produce energy but also two main elements on which arises all the topic in the energetics game. For this paper is used qualitative methodology, through which we were able to accomplish this work. I focused on scientific literature, official publications and reports on energy geopolitics. The main aim has been to show how in this decade, energy security is at the center of geopolitical agenda and has become the focus of numerous political debates. Regarding this point of view, Europe is taking the initiative to create a common energy market within the continent by creating projects, in which Albania appears as a new regional energy potential. Russia, which is aiming to play a role in the international arena, is seeking to position itself geopolitically in "its political weapon", hydrocarbon resources, in particular natural gas resources.


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