Title :
The variance of production cost
Author :
Rau, Narayan S. ; Hegazy, Youssef
Author_Institution :
Nat. Regulatory Res. Inst., Ohio State Univ., Columbus, OH, USA
fDate :
5/1/1990 12:00:00 AM
Abstract :
A procedure to calculate the mean and the variance of energy production and its cost is outlined. The method uses the probability density function of hourly loads and machine outage representations. The results indicate that the variance of the cost is a very small percent of the mean. The method of modeling of the load has no effect on the mean of cost. However, the method of modeling the load has a great bearing on the value of the variance obtained. The effects of load modeling and the implicit assumptions regarding the outage characteristics of the machine on the variance of production cost are discussed
Keywords :
electric power generation; load (electric); energy production cost; hourly loads; load modeling; machine outage; probability density function; Costs; Dispatching; Load modeling; Power engineering and energy; Power system modeling; Probability density function; Probability distribution; Production; Samarium; Systems engineering and theory;
Journal_Title :
Power Systems, IEEE Transactions on
