Valuation of fossil fueled power plants with respect to operational constraints
نویسنده
چکیده
This thesis consists of the implementation of an algorithm (proposed by Tseng and Barz in [1]) for determining the expected payoff of a fossil fueled power plant in Matlab. Physical properties such as decision lead time, unit commitment constraints, output depending fuel to electricity conversion and additional cost for applying controls are included into the plant model. Hourly control of the plant with the goal of maximizing its expected payoff is assumed. The model is solved by a combination of Dynamic Programming and Monte Carlo simulations. In this work, the model and techniques necessary for its solution are introduced. The structure and performance of the generated Matlab program are presented along the results from some numerical simulations.
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