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Stochastic programming models in energy

Wallace, Stein W and Fleten, Stein-Erik (2003) Stochastic programming models in energy. In: Stochastic Programming. (Handbooks in Operations Research and Management Science) . Elsevier, London, New York and Amsterdam, pp. 637-677. ISBN 9780444508546

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Abstract

We give the reader a tour of good energy optimization models that explicitly deal with uncertainty. The uncertainty usually stems from unpredictability of demand and/or prices of energy, or from resource availability and prices. Since most energy investments or operations involve irreversible decisions, a stochastic programming approach is meaningful. Many of the models deal with electricity investments and operations, but some oil and gas applications are also presented. We consider both traditional cost minimization models and newer models that reflect industry deregulation processes. The oldest research precedes the development of linear programming, and most models within the market paradigm have not yet found their final form.

Item Type: Contribution in Book/Report/Proceedings
Uncontrolled Keywords: Stochastic programming ; energy ; regulated markets ; deregulation ; uncertainty ; electricity ; natural gas ; oil
Subjects:
Departments: Lancaster University Management School > Management Science
ID Code: 47227
Deposited By: ep_importer_pure
Deposited On: 11 Jul 2011 21:13
Refereed?: No
Published?: Published
Last Modified: 26 Jul 2012 22:48
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/47227

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