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Managing risk in the new power business: a sequel

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2 Author(s)

As the power business is moving into new territory with market deregulation, there is a need for expressing a view on financial and physical risks. By means of an example published earlier in this magazine, we discuss what could be appropriate measures of risk for a producer. In the article by M.V.F. Pereira, et al. "Managing Risk in the New Power Business," (see ibid., p.18-24, April 2000), management in the deregulated power markets is discussed. The article is valuable, both in its reflection on risk and its description of market issues. However, a central theme that resonates throughout the article involves the use of min-max regret as a method for controlling risk in the decision-making process. We have observed that the use of this measure is, itself, a "risky" prospect, largely because its conclusions can be so sensitive to the manner in which the problem is posed. In response to this observation, we suggest alternative approaches to risk management

Published in:

Computer Applications in Power, IEEE  (Volume:15 ,  Issue: 2 )

Date of Publication:

Apr 2002

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