LAPSE:2019.0061
Published Article
LAPSE:2019.0061
Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads
January 7, 2019
In order to determine the most cost effective alternative among hardening options of power systems, the direct monetary benefits should be evaluated above all other things. Therefore, this paper presents a life-cycle cost model which describes total monetary costs experienced in annual time increments during the project with consideration for the time value of money. In addition, to minimize the risks associated with estimated cost errors due to uncertainties of input data, the stochastic input data are considered. Using the Monte Carlo method, the probabilities and cost ranges in the case studies can be predicted, in turn resulting in better decisions in the selection of hardening options which are cost effective.
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Keywords
cost benefit analysis, emergency power supplies, microgrids, Monte Carlo method
Subject
Suggested Citation
Park S, Park SY, Zhang P, Luh P, Rakotomavo MTJ, Serna C. Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads. (2019). LAPSE:2019.0061
Author Affiliations
Park S: Department of Electronic & Electrical Engineering, Hongik University, 2639 Sejong-ro, Jochiwon-eup, Sejong 30016, Korea [ORCID]
Park SY: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA
Zhang P: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA
Luh P: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA [ORCID]
Rakotomavo MTJ: School of Business, University of Connecticut, Storrs, CT 06269, USA
Serna C: Eversource, Berlin, CT 06037, USA
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Park SY: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA
Zhang P: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA
Luh P: Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA [ORCID]
Rakotomavo MTJ: School of Business, University of Connecticut, Storrs, CT 06269, USA
Serna C: Eversource, Berlin, CT 06037, USA
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Journal Name
Energies
Volume
9
Issue
7
Article Number
E553
Year
2016
Publication Date
2016-07-18
Published Version
ISSN
1996-1073
Version Comments
Original Submission
Other Meta
PII: en9070553, Publication Type: Journal Article
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Published Article
LAPSE:2019.0061
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External Link
doi:10.3390/en9070553
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Version History
[v1] (Original Submission)
Jan 7, 2019
Verified by curator on
Jan 7, 2019
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https://psecommunity.org/LAPSE:2019.0061
Original Submitter
Calvin Tsay
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