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Journal of Shanghai University >

2018 , Vol. 24 >Issue 5: 807 - 818

DOI: https://doi.org/10.12066/j.issn.1007-2861.1850

Research Articles

Robust optimization of production quantity decisions with uncertainty in fuel price and electric power demand

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  • 1. School of Management, Shanghai University, Shanghai 200444, China
    2. Department of Administration Engineering, Keio Univeristy, Yokohama 2238522, Japan
    3. Dell (China) Co., Ltd., Shanghai Branch, Shanghai 200050, China

Received date: 2016-09-26

  Online published: 2018-10-26

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Abstract

A robust optimization model is established for decisions of electric power production quantity. This model examines impact on the production decisions from two important variables, i.e., fuel price and electric power demand. A new algorithm is developed with SeDuMi in MATLAB. Several suggestions are given based on data analysis. The total production cost of electric power may increase with an increasing uncertainty range of these two variables. If the disturbance directions of the uncertainties in these two variables change in the same direction, the total production cost increases linearly with the increasing uncertainty range. If the disturbance directions of the uncertainties in these two variables change inconsistently, the total production cost increases with increasing volatility. The results show that the changing range of these two variables can also affect the significant level of the relationship between these two variables and the production decisions. This study supports the electric power production quantity decisions under uncertain fuel price and electric power demand.

Key words： robust optimization; ellipsoidal disturbance; production quantity decision; fuel price; electric power demand

Cite this article

WANG Jian, WANG Ting, LIU Huixia . Robust optimization of production quantity decisions with uncertainty in fuel price and electric power demand[J]. Journal of Shanghai University, 2018 , 24(5) : 807 -818 . DOI: 10.12066/j.issn.1007-2861.1850

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