2023/03/10 by Papadopoulos, Petros, Fallahi, Farnaz, Yildirim, Murat +1
#Applications (stat.AP) #FOS: Computer and information sciences #FOS: Electrical engineering #FOS: Mathematics #Optimization and Control (math.OC) #Systems and Control (eess.SY) #electronic engineering #information engineering
paper · doi:10.48550/arxiv.2303.06174
The rapid increase in scale and sophistication of offshore wind (OSW) farms poses a critical challenge related to the cost-effective operation and management of wind energy assets. A defining characteristic of this challenge is the economic trade-off between two concomitant processes: power production (the primary driver of short-term revenues), and asset degradation (the main determinant of long-term expenses). Traditionally, approaches to optimize production and maintenance in wind farms have been conducted in isolation. In this paper, we conjecture that a joint optimization of those two processes, achieved by rigorously modeling their short- and long-term dependencies, can unlock significant economic benefits for wind farm operators. In specific, we propose a decision-theoretic framework, rooted in stochastic optimization, which seeks a sensible balance of how wind loads are leveraged to harness short-term electricity generation revenues, versus alleviated to hedge against longer-term maintenance expenses. Extensive numerical experiments using real-world data confirm the superior performance of our approach, in terms of several operational performance metrics, relative to methods that tackle the two problems in isolation.