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Comparison of alternative decision-making criteria in a two-stage stochastic program for the design of distributed energy systems under uncertainty

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  • Mavromatidis, Georgios
  • Orehounig, Kristina
  • Carmeliet, Jan

Abstract

The design of distributed energy systems (DES) is affected by uncertainty, which can render designs suboptimal. DES design is further complicated by the various decision-maker attitudes towards uncertainty, which range between pessimism and optimism. An additional important factor is the risk of extreme outcomes (e.g. high costs) in highly unfavourable scenarios. Incorporating all decision-maker attitudes towards uncertainty in DES design enables more informed design decisions under uncertainty.

Suggested Citation

  • Mavromatidis, Georgios & Orehounig, Kristina & Carmeliet, Jan, 2018. "Comparison of alternative decision-making criteria in a two-stage stochastic program for the design of distributed energy systems under uncertainty," Energy, Elsevier, vol. 156(C), pages 709-724.
    • Handle: RePEc:eee:energy:v:156:y:2018:i:c:p:709-724
    DOI: 10.1016/j.energy.2018.05.081
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