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Please use this identifier to cite or link to this item: http://hdl.handle.net/1783.1/2717
Title: Long-term electricity contract optimization with demand uncertainties
Authors: Chan, Pang
Hui, David Chi Wai
Li, Wenkai
Sakamoto, Haruo
Hirata, Kentaro
Li, Pu
Keywords: Electricity contract
Optimization
Uncertainty
Probabilistic programming
Confidence level
Issue Date: Oct-2006
Citation: Energy, v. 31, no. 13, October 2006, p. 2469-2485
Abstract: This paper presents a study on selecting electricity contracts for a large-scale chemical production plant, which requires electricity importation, under demand uncertainty. Two common types of electricity contracts are considered, Time Zone (TZ) contract and Loading Curve (LC) contract. A multi-period linear probabilistic programming model is adopted for the contract selection and optimization. Hence, by using the probabilistic programming, a solution procedure is proposed that allow users to determine the best electricity contract according to their desired confident level of the uncertainties. In addition, due to the fact that the demand of product is uncertain, if one considers the overage and shortage of the products in the market as well, an interesting result can be obtained. The methodology is explained in the paper.
Rights: Energy © copyright (2005) Elsevier. The Journal's web site is located at http://www.sciencedirect.com/
URI: http://hdl.handle.net/1783.1/2717
Appears in Collections:CBME Journal/Magazine Articles

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