Monday, 11:00 - 11:25 h, Room: MA 550

 

Kin Keung Lai
A stochastic approach to power inventory optimization

Coauthors: Qiang Wang, Qian Zhang

 

Abstract:
Rooted in the airline industry, inventory management systems have been applied for 40 years since the first paper by Beckmann. This involves application of information systems and pricing strategies to allocate the right capacity to the right customer at the right price at the right time. Also there are some salient differences between airlines and power plants. For example: (i) electric power has to be generated, transmitted and consumed at the same time; and (ii) safety of power grid is also an important factor to be considered, implying more strict requirements for cancellations, no-shows and overbooking problems. Also, unlike the airline industry, orders for electricity power usually last for a period of time such as one day, one week, one month and even one year, and the price varies with quantity and time periods. Advance bookings are encouraged even one day or even half-an-hour in advance in order to guarantee safety and efficiency of the power grid and the power plant.
This study is developed on the basis of power plants facing stochastic demand with varied prices. A network optimization mode is proposed for power plant inventory management under an uncertain environment.

 

Talk 2 of the contributed session Mon.1.MA 550
"Unit commitment and inventory problems" [...]
Cluster 18
"Optimization in energy systems" [...]

 

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