Modelling generator maintenance scheduling costs in deregulated power markets

Dahal, Keshav and Al-Arfaj, Khalid and Paudyal, Krishna (2015) Modelling generator maintenance scheduling costs in deregulated power markets. European Journal of Operational Research, 240 (2). pp. 551-561. ISSN 0377-2217 (https://doi.org/10.1016/j.ejor.2014.07.008)

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Abstract

Generating companies use the maintenance cost function as the sole or main objective for creating the maintenance schedule of power generators. Usually only maintenance activities related costs are considered to derive the cost function. However, in deregulated markets, maintenance related costs alone do not represent the full costs of generators. This paper models various cost components that affect the maintenance activities in deregulated power markets. The costs that we model include direct and indirect maintenance, failures, interruptions, contractual compensation, rescheduling, and market opportunity. The loss of firm’s reputation and selection of loyalty model are also considered using the Analytic Hierarchy Process (AHP) within an opportunity cost model. A case study is used to illustrate the modelling activities. The enhanced model is utilised in generator maintenance scheduling cases. The experimental results demonstrate the importance and impact of market related costs in maintenance schedules.

  • Item type:Article
    ID code:49453
    Dates:
    Date
    Event
    16 January 2015
    Published
    14 July 2014
    Published Online
    2 July 2014
    Accepted
    Notes:NOTICE: this is the author’s version of a work that was accepted for publication in European Journal of Operational Research. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in European Journal of Operational Research, [VOL 240, ISSUE 2, (16/01/15)] DOI: 10.1016/j.ejor.2014.07.008
    Subjects:Social Sciences > Industries. Land use. Labor > Management. Industrial Management
    Department:Strathclyde Business School > Accounting and Finance
    Depositing user: Pure Administrator
    Date deposited:01 Oct 2014 10:23
    Last modified:15 Apr 2024 00:14
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/49453
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