Abstract
In this work, a decision support tool is presented to carefully design and optimize the business value of a renewable energy endeavor considering all types of uncertainties, including uncertainties at strategic and operational levels. A stochastic linear model is first developed to optimize production capacity of the plant, and then process simulation coupled with a stochastic optimization algorithm is employed to optimize the operating conditions of the plant. Market uncertainties are taken into account at the strategic planning level, and uncertainties related to parameters characterizing the processing technologies are addressed in operational level optimization. Monte Carlo-based simulation and global sensitivity analysis are utilized to identify the most critical parameters and optimize the operating conditions of the plant accordingly. Additionally, risk measurement strategies are introduced to the framework for explicit treatment of strategic and operational risks. For a demonstration of the effect...
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
