Multiple objective energy operation problem using Z utility theory

In this paper, we introduce an energy operation model using three objectives of cost, environmental impact, and failure rate. Developed model increases the flexibility of energy systems in coping with changes in demands and energy prices while satisfying operational constraints. We use the Midwest Independent Systems Operator as a case study to show the efficient frontier for these objectives. We apply Z utility theory to choose the best alternative in our case study. Computational results and complexity analysis show that problems with extensive number of entities can be solved efficiently in reasonable time.

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