Modeling Energy Portfolio Scoring: A Simulation Framework

Rafael Diaz, Joshua G. Behr, Rafael Landaeta, Francesco Longo and Letizia Nicoletti
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Rafael Diaz: The Virginia Modeling, Analysis and Simulation Center (VMASC), Old Dominion University, Norfolk, VA, USA
Joshua G. Behr: The Virginia Modeling, Analysis and Simulation Center (VMASC), Old Dominion University, Norfolk, VA, USA
Rafael Landaeta: Old Dominion University, Norfolk, VA, USA
Francesco Longo: University of Calabria, Cosenza, Italy
Letizia Nicoletti: DIMEG, University of Calabria, Cosenza, Italy

International Journal of Business Analytics (IJBAN), 2015, vol. 2, issue 4, 1-22

Abstract: U.S. regions are expected to follow the national trend towards investment in renewable energy as part of their electricity portfolio. The progress of energy portfolios that typically involves traditional methods, such as centralized nuclear and coal-fired generation, and towards cleaner- and renewable-source generation will impact economic growth and public health. Renewable electricity production must strike a balance among cost, reliability, and compatibility. The economic and health benefits obtained from developing an efficient energy portfolio make renewable energy alternatives an important consideration for regions endowed with natural resources. A portfolio mix of production method that considers the economic benefits while limiting adverse health and environmental impacts is attractive. This research proposes a System Dynamics simulation framework to support policy-making efforts in assessing the impact of energy portfolios. The authors demonstrate the utility of the framework by means of analyzing data that pertain to the U.S. Hampton Roads - Peninsula Region.

Date: 2015
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