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A methodology is presented to include financial risk management in the framework of two-stage stochastic programming for planning under uncertainty. A known probabilistic definition of financial risk is adapted to be used in this framework and its relation to downside risk is analyzed. Using these definitions, new two-stage stochastic programming models… (More)

- Miguel J. Bagajewicz, Andrés F. Barbaro
- Computers & Chemical Engineering
- 2003

The purpose of this paper is to discuss the role of heat pumps in total site heat integration. It will be shown how heat pumps can help de-bottleneck heat transfer so that maximum energy savings are attained. Non-linear targeting models to get maximum cost savings and optimum heat pumping temperature levels are presented. Finally, the paper describes… (More)

- Andrés F. Barbaro, Miguel J. Bagajewicz
- Computers & Chemical Engineering
- 2005

In this paper, a rigorous MILP formulation for grass-root design of heat exchanger networks is developed. The methodology does not rely on traditional supertargeting followed by network design steps typical of the Pinch Design Method, nor is a non-linear model based on superstructures, but rather gives cost-optimal solutions in one step. Unlike most models,… (More)

The use of inventory and options in the management of financial risk in planning under uncertainty is analyzed. The intuitive notion that the addition of inventory can reduce risk is explored to reveal that it is only guaranteed if models managing risk are used and can otherwise lead to higher risk exposures. An example where risk is managed with options… (More)

- Duy Quang Nguyen, Andres Barbaro, Narumon Vipanurat, Miguel J. Bagajewicz
- 2010

This paper builds upon the MILP model developed by Barbaro and Bagajewicz (New Rigorous One-Step MILP Formulation for Heat Exchanger Network Synthesis. Comp. Chem. Eng. 2005, 1945-1976), which allows the rigorous one-step grassroots design of heat exchanger networks. For the retrofit, we consider the cases of addition and relocation of heat exchangers… (More)

A Two-Stage Stochastic formulation to plan the implementation of energy savings in the total site over a long-term horizon is presented. Uncertainty in the price of heating utility and the operational level of the plants is considered. The concept of Financial Risk is introduced and the management of risk is discussed and incorporated to the model.… (More)

- Andrés F. Barbaro, Miguel J. Bagajewicz
- Computers & Chemical Engineering
- 2006

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