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Energies 2016, 9(7), 553; doi:10.3390/en9070553

Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads

1
Department of Electronic & Electrical Engineering, Hongik University, 2639 Sejong-ro, Jochiwon-eup, Sejong 30016, Korea
2
Department of Electrical & Computer Engineering, University of Connecticut, Storrs, CT 06269, USA
3
School of Business, University of Connecticut, Storrs, CT 06269, USA
4
Eversource, Berlin, CT 06037, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Josep M. Guerrero
Received: 15 February 2016 / Revised: 6 July 2016 / Accepted: 13 July 2016 / Published: 18 July 2016
(This article belongs to the Special Issue Microgrids 2016)
View Full-Text   |   Download PDF [2480 KB, uploaded 19 July 2016]   |  

Abstract

In order to determine the most cost effective alternative 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 studies can be predicted, in turn resulting in better decisions in the selection of hardening options which are cost effective. View Full-Text
Keywords: Monte Carlo method; cost benefit analysis; emergency power supplies; microgrids Monte Carlo method; cost benefit analysis; emergency power supplies; microgrids
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Park, S.; Park, S.-Y.; Zhang, P.; Luh, P.; Rakotomavo, M.T.J.; Serna, C. Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads. Energies 2016, 9, 553.

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