A renewal reward approximation for the variance of electric power production costs.: An article from: IIE Transactions

This digital document is an article from IIE Transactions, published by Institute of Industrial Engineers, Inc. (IIE) on June 1, 1997. The length of the article is 4447 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: The cost of producing electric power over a specified study horizon is a random quantity influenced by random failures and repair times for the generating units and variations in demand over time. Previous approaches for determining the variance of the production cost have required implicit or explicit enumeration of a large set of availability or capacity states for the generation system. In this paper, a simplifying assumption makes possible a renewal reward model for the production cost. Formulas are provided to estimate the asymptotic variance for intermediate to long study horizons and their results are illustrated with a numerical example.

Citation Details
Title: A renewal reward approximation for the variance of electric power production costs.
Author: Sarah M. Ryan
Publication:IIE Transactions (Refereed)
Date: June 1, 1997
Publisher: Institute of Industrial Engineers, Inc. (IIE)
Volume: v29 Issue: n6 Page: p435(6)

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