Computation of power generation system production costs

Author

Mazumdar, Mainak

Author_Institution

Dept. of Ind. Eng., Pittsburgh Univ., PA, USA

Volume

11

Issue

2

fYear

1996

fDate

5/1/1996 12:00:00 AM

Firstpage

696

Lastpage

701

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; electrical faults; power systems; probability; Baleriaux formula; Monte Carlo procedure; chronological load; generation outage duration; generation outage frequency; power generation system; production costs calculation; stochastic model; time-dependent constraints; Convolution; Costing; Costs; Frequency; Monte Carlo methods; Power engineering computing; Power generation; Power industry; Power system modeling; Production systems; Stochastic processes;

fLanguage

English

Journal_Title

Power Systems, IEEE Transactions on

Publisher

ieee

ISSN

0885-8950

Type

jour

DOI

10.1109/59.496141

Filename

496141