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Applications for stochastic optimization in the power industry

: Spangardt, G.; Lucht, M.; Handschin, E.


Electrical engineering 88 (2006), No.3, pp.177-182
ISSN: 0003-9039
ISSN: 0948-7921
Journal Article
Fraunhofer UMSICHT Oberhausen ()
power supply; industry; stochastic optimization (SO)

A survey on present applications of stochastic optimization in the power industry is presented. In particular, the motivation for changing over from deterministic to stochastic optimization models, the theory of stochastic optimization and the implementation of risk aversion is described. Furthermore, several characteristic applications in the power industry, such as short-term unit commitment, middle-term portfolio optimization, long-term investment planning and emissions-trading, are discussed.