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A Planner-Trader Decomposition for Multi-Market Hydro Scheduling
Related concepts (31)
Phase-out of fossil fuel vehicles
Vehicles that are powered by fossil fuels, such as gasoline (petrol), diesel, kerosene, and fuel oil are set to be phased out by a number of countries. It is one of the three most important parts of the general fossil fuel phase-out process, the others being the phase-out of fossil fuel power plants for electricity generation and decarbonisation of industry. Many countries and cities around the world have stated they will ban the sale of passenger vehicles (primarily cars and buses) powered by fossil fuels such as petrol, liquefied petroleum gas, and diesel at some time in the future.
Optimal control
Optimal control theory is a branch of mathematical optimization that deals with finding a control for a dynamical system over a period of time such that an objective function is optimized. It has numerous applications in science, engineering and operations research. For example, the dynamical system might be a spacecraft with controls corresponding to rocket thrusters, and the objective might be to reach the moon with minimum fuel expenditure.
Nuclear power in the United Kingdom
Nuclear power in the United Kingdom generated 16.1% of the country's electricity in 2020. , the UK has 9 operational nuclear reactors at five locations (8 advanced gas-cooled reactors (AGR) and one pressurised water reactor (PWR)), producing 5.9 GWe. It also has nuclear reprocessing plants at Sellafield and the Tails Management Facility (TMF) operated by Urenco in Capenhurst. The United Kingdom established the world's first civil nuclear programme, opening a nuclear power station, Calder Hall at Windscale, England, in 1956.
Grid energy storage
Grid energy storage (also called large-scale energy storage) is a collection of methods used for energy storage on a large scale within an electrical power grid. Electrical energy is stored during times when electricity is plentiful and inexpensive (especially from intermittent power sources such as renewable electricity from wind power, tidal power and solar power) or when demand is low, and later returned to the grid when demand is high, and electricity prices tend to be higher.
Regional transmission organization (North America)
A regional transmission organization (RTO) in the United States is an electric power transmission system operator (TSO) that coordinates, controls, and monitors a multi-state electric grid. The transfer of electricity between states is considered interstate commerce, and electric grids spanning multiple states are therefore regulated by the Federal Energy Regulatory Commission (FERC). The voluntary creation of RTOs was initiated by FERC Order No. 2000, issued on December 20, 1999.
Mathematical optimization
Mathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries.
Peak oil
Peak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
Markov decision process
In mathematics, a Markov decision process (MDP) is a discrete-time stochastic control process. It provides a mathematical framework for modeling decision making in situations where outcomes are partly random and partly under the control of a decision maker. MDPs are useful for studying optimization problems solved via dynamic programming. MDPs were known at least as early as the 1950s; a core body of research on Markov decision processes resulted from Ronald Howard's 1960 book, Dynamic Programming and Markov Processes.
Numerical cognition
Numerical cognition is a subdiscipline of cognitive science that studies the cognitive, developmental and neural bases of numbers and mathematics. As with many cognitive science endeavors, this is a highly interdisciplinary topic, and includes researchers in cognitive psychology, developmental psychology, neuroscience and cognitive linguistics. This discipline, although it may interact with questions in the philosophy of mathematics, is primarily concerned with empirical questions.
Risk aversion
In economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff.