Comparative life cycle cost analysis of hardening options for critical loads

Sung Min Park; Sung Yeul Park; Peng Zhang; Peter Luh; Michel T.J. Rakotomavo; Camilo Serna

doi:10.1109/ISGT.2014.6816395

Comparative life cycle cost analysis of hardening options for critical loads

Sung Min Park
, Sung Yeul Park
, Peng Zhang
, Peter Luh
, Michel T.J. Rakotomavo
, Camilo Serna

Electrical Engineering

University of Connecticut
Northeast Utilities

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

1 Scopus citations

Abstract

In order to determine the most cost effective option among hardening options of power systems, the direct monetary benefits should be evaluated above all other things. Therefore, this paper presents a life-cycle cost model which describes total monetary costs experienced in annual time increments during the project with consideration for the time value of money. In addition, to minimize the risks associated with estimated cost errors due to uncertainties of input data, the stochastic input data are considered. Using the Monte-Carlo method, the probabilities and cost ranges in the case study can be predicted, leading clearer and better decisions to select the cost effective hardening option.

Original language	English
Title of host publication	2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014
Publisher	IEEE Computer Society
ISBN (Print)	9781479936526
DOIs	https://doi.org/10.1109/ISGT.2014.6816395
State	Published - 2014
Event	2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014 - Washington, DC, United States Duration: Feb 19 2014 → Feb 22 2014

Publication series

Name	2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014

Conference

Conference	2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014
Country/Territory	United States
City	Washington, DC
Period	02/19/14 → 02/22/14

Keywords

Cost benefit analysis
Emergency power supplies
Fuel cells
Microgrids
Monte Carlo method

Access to Document

10.1109/ISGT.2014.6816395

Cite this

Park, S. M., Park, S. Y., Zhang, P., Luh, P., Rakotomavo, M. T. J., & Serna, C. (2014). Comparative life cycle cost analysis of hardening options for critical loads. In 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014 Article 6816395 (2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014). IEEE Computer Society. https://doi.org/10.1109/ISGT.2014.6816395

@inproceedings{30d0d031c1594fd8a9d8a155df2b55d1,

title = "Comparative life cycle cost analysis of hardening options for critical loads",

abstract = "In order to determine the most cost effective option among hardening options of power systems, the direct monetary benefits should be evaluated above all other things. Therefore, this paper presents a life-cycle cost model which describes total monetary costs experienced in annual time increments during the project with consideration for the time value of money. In addition, to minimize the risks associated with estimated cost errors due to uncertainties of input data, the stochastic input data are considered. Using the Monte-Carlo method, the probabilities and cost ranges in the case study can be predicted, leading clearer and better decisions to select the cost effective hardening option.",

keywords = "Cost benefit analysis, Emergency power supplies, Fuel cells, Microgrids, Monte Carlo method",

author = "Park, \{Sung Min\} and Park, \{Sung Yeul\} and Peng Zhang and Peter Luh and Rakotomavo, \{Michel T.J.\} and Camilo Serna",

year = "2014",

doi = "10.1109/ISGT.2014.6816395",

language = "English",

isbn = "9781479936526",

series = "2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014",

publisher = "IEEE Computer Society",

booktitle = "2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014",

note = "2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014 ; Conference date: 19-02-2014 Through 22-02-2014",

}

Park, SM, Park, SY, Zhang, P, Luh, P, Rakotomavo, MTJ & Serna, C 2014, Comparative life cycle cost analysis of hardening options for critical loads. in 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014., 6816395, 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014, IEEE Computer Society, 2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014, Washington, DC, United States, 02/19/14. https://doi.org/10.1109/ISGT.2014.6816395

Comparative life cycle cost analysis of hardening options for critical loads. / Park, Sung Min; Park, Sung Yeul; Zhang, Peng et al.
2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014. IEEE Computer Society, 2014. 6816395 (2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Comparative life cycle cost analysis of hardening options for critical loads

AU - Park, Sung Min

AU - Park, Sung Yeul

AU - Zhang, Peng

AU - Luh, Peter

AU - Rakotomavo, Michel T.J.

AU - Serna, Camilo

PY - 2014

Y1 - 2014

N2 - In order to determine the most cost effective option among hardening options of power systems, the direct monetary benefits should be evaluated above all other things. Therefore, this paper presents a life-cycle cost model which describes total monetary costs experienced in annual time increments during the project with consideration for the time value of money. In addition, to minimize the risks associated with estimated cost errors due to uncertainties of input data, the stochastic input data are considered. Using the Monte-Carlo method, the probabilities and cost ranges in the case study can be predicted, leading clearer and better decisions to select the cost effective hardening option.

AB - In order to determine the most cost effective option among hardening options of power systems, the direct monetary benefits should be evaluated above all other things. Therefore, this paper presents a life-cycle cost model which describes total monetary costs experienced in annual time increments during the project with consideration for the time value of money. In addition, to minimize the risks associated with estimated cost errors due to uncertainties of input data, the stochastic input data are considered. Using the Monte-Carlo method, the probabilities and cost ranges in the case study can be predicted, leading clearer and better decisions to select the cost effective hardening option.

KW - Cost benefit analysis

KW - Emergency power supplies

KW - Fuel cells

KW - Microgrids

KW - Monte Carlo method

UR - https://www.scopus.com/pages/publications/84901926992

U2 - 10.1109/ISGT.2014.6816395

DO - 10.1109/ISGT.2014.6816395

M3 - Conference contribution

AN - SCOPUS:84901926992

SN - 9781479936526

T3 - 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014

BT - 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014

PB - IEEE Computer Society

T2 - 2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014

Y2 - 19 February 2014 through 22 February 2014

ER -

Comparative life cycle cost analysis of hardening options for critical loads

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