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Article

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
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Eversource, Berlin, CT 06037, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Josep M. Guerrero
Energies 2016, 9(7), 553; https://doi.org/10.3390/en9070553
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)
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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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. https://doi.org/10.3390/en9070553

AMA Style

Park S, Park S-Y, Zhang P, Luh P, Rakotomavo MTJ, Serna C. Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads. Energies. 2016; 9(7):553. https://doi.org/10.3390/en9070553

Chicago/Turabian Style

Park, Sungmin, Sung-Yeul Park, Peng Zhang, Peter Luh, Michel T.J. Rakotomavo, and Camilo Serna. 2016. "Comparative Life Cycle Cost Analysis of Hardening Options for Critical Loads" Energies 9, no. 7: 553. https://doi.org/10.3390/en9070553

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