Robust energy production and storage investments and operation planning involving variable renewable energy sources: a two-stage stochastic optimization model with stopping time and rolling time horizon

Ermoliev, Y., Komendantova, N. ORCID: https://orcid.org/0000-0003-2568-6179, & Ermolieva, T. (2021). Robust energy production and storage investments and operation planning involving variable renewable energy sources: a two-stage stochastic optimization model with stopping time and rolling time horizon. In: Mathematical Modeling, Optimization and Information Technologies, 15-18 November, 2021.

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Abstract

The paper presents a strategic Decision Support System (DSS) for energy-efficient technology investments planning, including energy production and storage capacities expansion and operation policies. The DSS enables the analysis of robust decisions against inherent uncertainties and risks, in particular, systemic risks due to introduction of stochastic renewable energy sources, price volatility, demands uncertainties, weather variability, resource availability. The DSS is based on a new two-stage, dynamic stochastic optimization model with rolling random time horizons bounded by stopping time moments.

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