Reliability and rationing cost in a power system
The present paper attempts to analyse the implications of the relationship between reliability and rationing cost involved in a power supply system in the framework of the standard inventory analysis, instead of the conventional marginalist approach of welfare economics. The study is substantiated by fitting a normal distribution to the daily internal maximum demand of the Kerala power system during 1995-96, and also by estimating, based on the techno-economic parameters of different types of power plants, the rationing costs implied in different reliability target criteria.
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- Carlton, Dennis W, 1977. "Peak Load Pricing with Stochastic Demand," American Economic Review, American Economic Association, vol. 67(5), pages 1006-10, December.
- Hung-po Chao, 1983. "Peak Load Pricing and Capacity Planning with Demand and Supply Uncertainty," Bell Journal of Economics, The RAND Corporation, vol. 14(1), pages 179-190, Spring.
- Brown, Gardner, Jr & Johnson, M Bruce, 1969. "Public Utility Pricing and Output under Risk," American Economic Review, American Economic Association, vol. 59(1), pages 119-28, March.
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