An inexact robust optimization method for supporting carbon dioxide emissions management in regional electric-power systems

C. Chen, Y.P. Li and G.H. Huang

Energy Economics, 2013, vol. 40, issue C, 441-456

Abstract: In this study, an inexact robust optimization method (IROM) is developed for supporting carbon dioxide (CO2) emission management in a regional-scale energy system, through incorporating interval-parameter programming (IPP) within a robust optimization (RO) framework. In the modeling formulation, penalties are exercised with the recourse against any infeasibility, and robustness measures are introduced to examine the variability of the second-stage costs that are above the expected levels. The IROM is suitable for risk-aversive planners under high-variability conditions. The IROM is applied to a case of energy systems and CO2 emission planning under uncertainty. The results obtained can generate desired decision alternatives that are able to not only enhance electricity-supply safety with a low system-failure risk level but also mitigate CO2 emissions. They can be used for generating decision alternatives and minimizing the system cost of energy system while meeting the CO2-emission permit requirement.

Keywords: CO2 trading; Energy systems; Planning; Robust optimization; Stochastic; Uncertainty (search for similar items in EconPapers)
JEL-codes: Q40 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:40:y:2013:i:c:p:441-456

DOI: 10.1016/j.eneco.2013.07.022

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