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Risk Management System for Electric Utilities

A computer implemented risk-management system schedules the generating units of an electric utility while taking into consideration power trading with other utilities and the stochastic load on the utility system. The system provides the user with a tool that generates multiple load forecasts and allows the user to vary the fuel price between the different scenarios and the different periods of the planning horizon. The tool allows the user to model accurately the uncertain trading transactions and the changing fuel prices to meet the electric demand of customers at a minimal cost while making the maximum profit possible from power trading. The tool also allows the user to apply any set of linear constraints to fuels. A mathematical model of the problem is solved to provide the status of each generator at each time period of the planning horizon under each given scenario the load on each generator during each period in which it is operating an optimal fuel mix for each generating unit and the prices for purchasing and selling power in the periods of the planning horizon.

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