Optimization in the Energy Industry

This book offers a broad, in-depth overview that reflects the requirements, possibilities and limits of mathematical optimization and, especially, stochastic optimization in the energy industry.

Today, the optimization of production planning processes using IT and quantitative methods is a de-facto standard in the energy industry. The energy problem is challenging and one of the most important political and economical issues in the world. Governments face the problem how to adopt the system of `Cap and Trade.' Especially, energy consuming industries, like steel, power, oil and chemical, are seriously confronted with this problem.

The book offers a broad in-depth overview reflecting the requirements, possibilities and limits of mathematical optimization and, especially, stochastic optimization in the energy industry. 22 chapters with world-wide origins illuminate the mathematical requirements based on practical experiences and provide an ideal insight into the energy world -- from integration of wind energy, chain of errors in nuclear power plants and scheduling of hydroelectric power stations, over risk assessment in trading activities to various mathematicalapproaches.