Time Step vs. Dynamic Optimization of Generation-Capacity- Expansion Programs of Power Systems

Article Abstract:

The capacity expansion problem of power generation requires finding the type, size, and generation additions to meet growing demand. Many models are used to find the minimum discounted sum of the investments and operating costs. The models are complex. A time-step model offers major computational savings over the usual dynamic approach. It deals with each time period separately. It cannot account for future developments in determining present value decisions. Often that is not a problem. Computational results are presented in tables.

Electric power plants, Decision theory, Dynamic Systems, Power Systems, Power Plants

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Capacity Expansion-Contraction of a Facility with Demand Augmentation Dynamics

Article Abstract:

Capacity must be added when the demand exceeds planned capacity during any period of a multiplanning horizon. An optimal management strategy minimizing the sum of capital, maintenance, labor and underprovision costs is obtained. Dynamic programming is used. Since demand projections are uncertain, the formulation and study of a stochastic capacity model is required.

Algorithms, Business planning, Algorithm, Strategic Planning, Demand, Models, Stochastic Model

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