Energy efficiency and risk management in public buildings: Strategic model for robust planning

Cano EL, Moguerza JM, Ermolieva T, & Ermoliev Y (2014). Energy efficiency and risk management in public buildings: Strategic model for robust planning. Computational Management Science 11 (1): 25-44. DOI:10.1007/s10287-013-0177-3.

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Abstract

Due to deregulations of the energy sector and the setting of targets such as the 20/20/20 in the EU, operators of public buildings are now more exposed to instantaneous (short-term) market conditions. On the other hand, they have gained the opportunity to play a more active role in securing long-term supply, managing demand, and hedging against risk while improving existing buildings' infrastructures. Therefore, there are incentives for the operators to develop and use a Decision Support System to manage their energy sub-systems in a more robust energy-efficient and cost-effective manner. In this paper, a two-stage stochastic model is proposed, where some decisions (so-called first-stage decision) regarding investments in new energy technologies have to be taken before uncertainties are resolved, and some others (so-called second-stage decisions) on how to use the installed technologies will be taken once values for uncertain parameters become known, thereby providing a trade-off between long- and short-term decisions.

Item Type: Article
Uncontrolled Keywords: Decision making under uncertainty; Energy optimisation; Risk management; Stochastic programming
Research Programs: Advanced Systems Analysis (ASA)
Ecosystems Services and Management (ESM)
Bibliographic Reference: Computational Management Science; 11(1-2):25-44 (January 2014) (Published online 4 July 2013)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:51
Last Modified: 23 Feb 2016 08:46
URI: http://pure.iiasa.ac.at/11018

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