As a consequence of competition in electricity markets,a wide variety of financial derivatives have emerged to allow market agents to hedge against risks.Electricity options and forward contracts constitute adequate i...As a consequence of competition in electricity markets,a wide variety of financial derivatives have emerged to allow market agents to hedge against risks.Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility or unexpected unit failures faced by power producers.A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer.The key features of electricity options to reduce both price and availability risks are illustrated by using two examples.展开更多
Aiming at the time-varying characteristics of industrial process, this paper introduces an adaptive subspace predictive control(ASPC) strategy with time-varying forgetting factor based on the original subspace predict...Aiming at the time-varying characteristics of industrial process, this paper introduces an adaptive subspace predictive control(ASPC) strategy with time-varying forgetting factor based on the original subspace predictive control algorithm(SPC). The new method uses model matching error to calculate the variable forgetting factor, and applies it to constructing Hankel data matrix.This makes the data represent the changes of system information better. For eliminating the steady state error, the derivation of the incremental control is made. Simulation results on a rotary kiln show that this control strategy has achieved a good control effect.展开更多
文摘As a consequence of competition in electricity markets,a wide variety of financial derivatives have emerged to allow market agents to hedge against risks.Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility or unexpected unit failures faced by power producers.A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer.The key features of electricity options to reduce both price and availability risks are illustrated by using two examples.
文摘Aiming at the time-varying characteristics of industrial process, this paper introduces an adaptive subspace predictive control(ASPC) strategy with time-varying forgetting factor based on the original subspace predictive control algorithm(SPC). The new method uses model matching error to calculate the variable forgetting factor, and applies it to constructing Hankel data matrix.This makes the data represent the changes of system information better. For eliminating the steady state error, the derivation of the incremental control is made. Simulation results on a rotary kiln show that this control strategy has achieved a good control effect.
