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- Title
Energy efficiency and risk management in public buildings: strategic model for robust planning.
- Authors
Cano, Emilio; Moguerza, Javier; Ermolieva, Tatiana; Ermoliev, Yuri
- Abstract
Due to deregulations of the energy sector and the setting of targets such as the 20/20/20 in the EU, operators of public buildings are now more exposed to instantaneous (short-term) market conditions. On the other hand, they have gained the opportunity to play a more active role in securing long-term supply, managing demand, and hedging against risk while improving existing buildings' infrastructures. Therefore, there are incentives for the operators to develop and use a Decision Support System to manage their energy sub-systems in a more robust energy-efficient and cost-effective manner. In this paper, a two-stage stochastic model is proposed, where some decisions (so-called first-stage decisions) regarding investments in new energy technologies have to be taken before uncertainties are resolved, and some others (so-called second-stage decisions) on how to use the installed technologies will be taken once values for uncertain parameters become known, thereby providing a trade-off between long- and short-term decisions.
- Subjects
ENERGY consumption of public buildings; RISK management in business; STRATEGIC planning; ENERGY industries; EUROPEAN Union; SUPPLY &; demand
- Publication
Computational Management Science, 2014, Vol 11, Issue 1/2, p25
- ISSN
1619-697X
- Publication type
Article
- DOI
10.1007/s10287-013-0177-3