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Scheduling of Major Investments for a Steam-Generating Unit Using a Stochastic Model

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3 Author(s)
Sakowicz, B. ; Dept. of Microelectron. & Comput. Sci., Tech. Univ. of Lodz, Lodz, Poland ; Stopczyk, M. ; Anders, G.J.

This paper compares and analyzes the economics of alternative maintenance plans for generating stations. The usual life-cycle investment decisions for power plant equipment involve definition of alternative scenarios with specified refurbishment dates. The aim of the paper is to present a method for the selection of optimal investment dates that minimizes the life-cycle cost of the analyzed equipment. The system is introduced as a distributed web-based software application. The methodology based on combining evolutionary programming with Monte Carlo simulations is described and illustrated by a numerical example involving analysis of the optimal timing of new investments for refurbishment of a large generator at a thermal-generating plant.

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Energy Conversion, IEEE Transactions on  (Volume:25 ,  Issue: 3 )