Backward reduction application for minimizing wind power scenarios in stochastic programming

@article{Razali2010BackwardRA,
  title={Backward reduction application for minimizing wind power scenarios in stochastic programming},
  author={N. M. Muhamad Razali and A. H. Hashim},
  journal={2010 4th International Power Engineering and Optimization Conference (PEOCO)},
  year={2010},
  pages={430-434}
}
In order to make informed decisions in the presence of uncertainties, risk management problems of power utilities may be modelled by multistage stochastic programs. These programs use a set of scenarios (or plausible realizations) and corresponding probabilities to model the multivariate random data process, e.g. electrical load, stream flows to hydro units, generation output of intermittent renewable sources as well as fuel and electricity prices. The number of scenarios needed to accurately… CONTINUE READING

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