Title :
Computation of power generation system production costs
Author :
Mazumdar, Mainak
Author_Institution :
Dept. of Ind. Eng., Pittsburgh Univ., PA, USA
Abstract :
This paper considers the problem of computing the expected value of generating system production costs. First, using a stochastic model for the frequency and duration of generation outage, it provides an efficient Monte Carlo procedure for the evaluation of the Baleriaux formula. Secondly, it points out the need for using a stochastic model for estimating production costs with time-dependent constraints via Monte Carlo. Lastly, it considers a model where the chronological load also has a random component and obtains an expression for expected production costs for this situation
Keywords :
Monte Carlo methods; costing; economics; electric power generation; stochastic processes; Baleriaux formula; Monte Carlo procedure; chronological load; expected production costs; generation outage duration; generation outage frequency; power generation system production costs; random component; stochastic model; time-dependent constraints; Costing; Costs; Frequency estimation; Monte Carlo methods; Power engineering computing; Power generation; Power system modeling; Production systems; Random variables; Stochastic processes;
Conference_Titel :
Power Industry Computer Application Conference, 1995. Conference Proceedings., 1995 IEEE
Conference_Location :
Salt Lake City, UT
Print_ISBN :
0-7803-2663-6
DOI :
10.1109/PICA.1995.515292
