A Robust Revenue Optimization Approach for Power Plant Revenue Management

Dong Xiao Niu; Qian Zhang

doi:10.4028/www.scientific.net/AMM.373-375.1784

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HomeApplied Mechanics and MaterialsApplied Mechanics and Materials Vols. 373-375A Robust Revenue Optimization Approach for Power...

A Robust Revenue Optimization Approach for Power Plant Revenue Management

Abstract:

This paper examines optimization of revenue of power plants facing stochastic demand with varied prices. A network optimization model is proposed for power plant revenue management under an uncertain environment. The network optimization has a stochastic programming formulation designed to capture the randomness of the unknown demand. A novel approach of robust optimization and PSO are applied to solve the problem on a scenario-basis. Decision-makers risk aversion is considered in the objective function. Mean absolute value is used to measure risk of deviation of revenue from its expected value.

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Periodical:

Applied Mechanics and Materials (Volumes 373-375)

Pages:

1784-1787

DOI:

https://doi.org/10.4028/www.scientific.net/AMM.373-375.1784

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Online since:

August 2013

Authors:

Dong Xiao Niu, Qian Zhang

Keywords:

Particle Swarm Optimization (PSO), Power Plan, Revenue Management, Robust Optimization

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