Stochastic MIP Modeling of a Natural Gas-Powered Industrial Park | Zendy

Gerardo A. Pérez-Valdés | Zendy; Michal Kaut | Zendy; Vibeke Stærkebye Nørstebø | Zendy; Kjetil Midthun | Zendy

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Stochastic MIP Modeling of a Natural Gas-Powered Industrial Park

Author(s) -

Gerardo A. Pérez-Valdés,

Michal Kaut,

Vibeke Stærkebye Nørstebø,

Kjetil Midthun

Publication year - 2012

Publication title -

energy procedia

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.474

H-Index - 81

ISSN - 1876-6102

DOI - 10.1016/j.egypro.2012.06.012

Subject(s) - industrial park , natural gas , norwegian , investment (military) , integer programming , net present value , natural resource , consumption (sociology) , value (mathematics) , engineering , government (linguistics) , stochastic modelling , operations research , computer science , economics , waste management , mathematical optimization , mathematics , production (economics) , geography , microeconomics , ecology , social science , philosophy , law , linguistics , archaeology , sociology , biology , machine learning , political science , politics , finance

We present an investment-decision tool for a natural-gas powered industrial park. The model maximizes the net present value in the industrial park by determining what type of plants to include in the park and what connections to build between them. A stochastic mixed-integer programming model was employed to handle uncertainty of future prices and costs of raw materials and nished products. The model is motivated by the Norwegian government's ambition to increase national consumption of natural gas, in particular for industrial use. A small case study was also included, focusing on model sizes and solution times

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