TY - JOUR
T1 - Modelling generator maintenance scheduling costs in deregulated power markets
AU - Dahal, Keshav
AU - Al-Arfaj, Khalid
AU - Paudyal, Krishna
N1 -
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
PY - 2015/1/16
Y1 - 2015/1/16
N2 - 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.
AB - 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.
KW - maintenance
KW - opportunity cost
KW - deregulated market
KW - reputation
UR - http://www.scopus.com/inward/record.url?scp=84922337588&partnerID=8YFLogxK
U2 - 10.1016/j.ejor.2014.07.008
DO - 10.1016/j.ejor.2014.07.008
M3 - Article
AN - SCOPUS:84922337588
SN - 0377-2217
VL - 240
SP - 551
EP - 561
JO - European Journal of Operational Research
JF - European Journal of Operational Research
IS - 2
ER -
