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Diversification of fuel costs accounting for load variation
journal contribution
posted on 2023-06-08, 11:56 authored by Suriya Ruangpattana, Paul V Preckel, Douglas J Gotham, Kumar Muthuraman, Marco Velástegui, Thomas L Morin, Nelson A UhanA practical mathematical programming model for the strategic fuel diversification problem is presented. The model is designed to consider the tradeoffs between the expected costs of investments in capacity, operating and maintenance costs, average fuel costs, and the variability of fuel costs. In addition, the model is designed to take the load curve into account at a high degree of resolution, while keeping the computational burden at a practical level. The model is illustrated with a case study for Indiana's power generation system. The model reveals that an effective means of reducing the volatility of the system-level fuel costs is through the reduction of dependence on coal-fired generation with an attendant shift towards nuclear generation. Model results indicate that about a 25% reduction in the standard deviation of the generation costs can be achieved with about a 20–25% increase in average fuel costs. Scenarios that incorporate costs for carbon dioxide emissions or a moratorium on nuclear capacity additions are also presented.
History
Publication status
- Published
Journal
Energy PolicyISSN
0301-4215Publisher
ElsevierExternal DOI
Volume
42Page range
400 - 408Department affiliated with
- SPRU - Science Policy Research Unit Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-07-03Usage metrics
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