We study optimal oil extraction strategy and the value of an oil field using a multiple real option appraoch. Extracting a barrel of oil is similar to exercising a call option and optimal strategies lead to deferring production when oil prices are low and when volatility is high. We sow that, in...

In times of rapid macroeconomic change it would seem useful for both fiscal and monetary policy to be modified frequently. This is true for monetary policy with monthly meetings of the Open Market Committee. It is not true for fiscal policy which mostly varies with the annual Congressional...

An important issue in deregulated power systems is a provision of ancillary services. This paper presents a Mixed Integer Non-Linear Programming (MINLP) formulation for the provision of ancillary services (Automatic Generation Control or AGC, Spinning, Non-spinning and operational reserves) as...

This technical note introduces a reservoir operation model based on implicit stochastic optimization (ISO) in which the release policy is guided by the forecast of the mean inflow for a given future horizon rather than by the prediction of the current-month inflow, such as in typical ISO models....

A stochastic optimization approach is presented for the remediation design of a contaminated aquifer with limited hydrogeologic information. Stochastic simulation using the Monte Carlo technique, produces a series of equally probable realisations of the spatially varying random hydraulic...

The coming interaction between a growing electrified vehicle fleet and the desired growth in renewable energy provides new insights into the economic dispatch (ED) problem. This paper presents an economic dispatch model that considers electric vehicle charging, battery exchange stations, and...

This paper proposes a new coordination operation mode of wind farm (WF) and pumped-hydro-storage plant (PHSP) based on day-ahead wind power output forecasts. Firstly, a deterministic mixed integer programming (MIP) formulation is built considering the constraints of unit total startup and...

The European energy policy is substantially driven by the target to reduce the CO2-emissions significantly and to mitigate climate change. Nevertheless European power generation is still widely based on fossil fuels. The carbon capture and storage technology (CCS) could be part of an approach to...