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

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

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.

Suggested Citation

  • Chen, C. & Li, Y.P. & Huang, G.H., 2013. "An inexact robust optimization method for supporting carbon dioxide emissions management in regional electric-power systems," Energy Economics, Elsevier, vol. 40(C), pages 441-456.
    • Handle: RePEc:eee:eneeco:v:40:y:2013:i:c:p:441-456
    DOI: 10.1016/j.eneco.2013.07.022
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    More about this item

    Keywords

    CO2 trading; Energy systems; Planning; Robust optimization; Stochastic; Uncertainty;
    All these keywords.

    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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