Engineering Papers⌕ Search

SEARCH · Engineering Papers

Results for “portfolio optimization”

Search indexed NASA NTRS and DOE OSTI research on propulsion, heat transfer, battery materials and energy systems. Follow report and document links to the original sources.

Quote a phrase for an exact phrase match. Source license links do not imply unrestricted reuse.

At least 19 records

GeoRePORT (Geothermal Resource Portfolio Optimization & Reporting Technique)

The Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT) Protocol provides a system for reporting resource grade and project readiness level. It is particularly useful for describing early-stage exploration projects. GeoRePORT can assist in evaluating project risk and return, identifying gaps in reported data, evaluating research and design impacts, and gathering insights on successes and failures. It helps users objectively and quantitatively compare project potential in geological, technical, and socioeconomic areas.

Young, Katherine↗

GeoRePORT Case Study Examples: Reporting Using the Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT)

The Geothermal Research Portfolio Optimization & Reporting Technique (GeoRePORT) was developed with funding from the United States Department of Energy's Geothermal Technologies Office (GTO) to assist in identifying and pursuing long-term investment strategies through the development of a resource reporting protocol. GeoRePORT provides scientists and non-scientists a comprehensive and quantitative means of reporting: (1) features intrinsic to geothermal sites (project grade) and, (2) maturity of the development (project readiness). Because geothermal feasibility is not determined by any single factor (e.g. temperature, permeability, permitting), a site's project grade and readiness are evaluated on twelve independent attributes pertaining to geological, technical, or socio-economic feasibility. In this paper, we present case studies illustrating how GeoRePORT can be used to compare geological, technical, and socio-economic attributes between geothermal systems. The consistent and objective assessment protocols used in GeoRePORT allow for comparison of project attributes across unique locations and geological settings. GeoRePORT case studies outline the geological, socio-economic and technical features of four individual geothermal sites: Coso, Chena, Dixie Valley, and White Sands Missile Range. The case studies presented herein illustrate the usefulness of GeoRePORT in evaluating project risk/return, identifying gaps in reported data, evaluating R&D impact, and gathering insights on successes/failures as applicable to future projects.

40 EE - Geothermal Technologies Office (EE-4G)↗

GeoRePORT Case Study Examples: Reporting Using the Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT): Preprint

The Geothermal Research Portfolio Optimization & Reporting Technique (GeoRePORT) was developed with funding from the United States Department of Energy's Geothermal Technologies Office (GTO) to assist in identifying and pursuing long-term investment strategies through the development of a resource reporting protocol. GeoRePORT provides scientists and non-scientists a comprehensive and quantitative means of reporting: (1) features intrinsic to geothermal sites (project grade) and, (2) maturity of the development (project readiness). Because geothermal feasibility is not determined by any single factor (e.g. temperature, permeability, permitting), a site's project grade and readiness are evaluated on twelve independent attributes pertaining to geological, technical, or socio-economic feasibility. In this paper, we present case studies illustrating how GeoRePORT can be used to compare geological, technical, and socio-economic attributes between geothermal systems. The consistent and objective assessment protocols used in GeoRePORT allow for comparison of project attributes across unique locations and geological settings. GeoRePORT case studies outline the geological, socio-economic and technical features of four individual geothermal sites: Coso, Chena, Dixie Valley, and White Sands Missile Range. The case studies presented herein illustrate the usefulness of GeoRePORT in evaluating project risk/return, identifying gaps in reported data, evaluating R&D impact, and gathering insights on successes/failures as applicable to future projects.

15 GEOTHERMAL ENERGY↗

Introducing the GeoRePORT Resource Size Tool: Reporting on Geothermal Resource Size Estimations Using the Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT): Preprint

The Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT) was developed with funding from the U.S. Department of Energy Geothermal Technologies Office to assist in identifying and pursuing long-term investment strategies through the development of a resource reporting protocol. The assessment protocols used in GeoRePORT allow for comparison of project attributes across locations and geological settings to understand the feasibility of geothermal development. This work introduces the Resource Size Tool, a new feature within the GeoRePORT package that compiles two independent methods for estimating geothermal resource size in terms of energy capacity in MW. Energy production potential for twenty-three case studies was estimated with the Resource Size Tool in order to 1) generate a reasonable range of resource size estimates for a particular geothermal field; 2) illustrate the advantages and limitations of each methodology (such as data input requirements, estimate accuracy and precision, and the appropriate circumstances of use); and 3) test the ability of the resource size tool to provide useful and accurate information for geothermal stakeholders. The tool employs two methods widely used in the geothermal industry: (1) USGS Volumetric and (2) Power Density. Results from our case studies show general overlap between these two methods in terms of resource size estimates; however, they also reveal key differences between the two approaches that should be considered when using such estimates to drive development. First, the two methods rely on different input parameters and therefore one method may be more appropriate and/or accurate for a given project than the other. Second, the Power Density method was found to generate wider ranges of resource size predictions, more consistently aligning with actual power production of the field but with larger scales of error; whereas the USGS Volumetric method predicts narrower ranges but tends to overestimate when compared to current MW production. Future work will refine variables used in the methods with input data from other sections of GeoRePORT and modify uncertainty levels based on the particular datasets used for a given project.

geological↗

Holistic Portfolio Optimization using Directed Mutations

Genetic algorithms provide attractive options for performing nonlinear multi-objective combinatorial design optimization, and they have proven very useful for optimizing individual systems. However, conventional genetic algorithms fall short when performing holistic portfolio optimizations in which the decision variables also include the integer counts of multiple system types over multiple time periods. When objective functions are formulated as analytic functions, we can formally differentiate with respect to system counts and use the resulting gradient information to generate favorable mutations in the count variables. We apply several variations on this basic idea to an idealized hanging chain example to obtain >> 1000x speedups over conventional genetic algorithms in both single - and multi-objective cases. We develop a more complex example of a notional military portfolio that includes combinatorial design variables and dependency constraints between the design choices. In this case, our initial results are mixed, but many variations are still open to further research.

97 MATHEMATICS AND COMPUTING↗

A Hybrid Energy System Workflow for Energy Portfolio Optimization

This manuscript develops a workflow, driven by data analytics algorithms, to support the optimization of the economic performance of an Integrated Energy System. The goal is to determine the optimum mix of capacities from a set of different energy producers (e.g., nuclear, gas, wind and solar). A stochastic-based optimizer is employed, based on Gaussian Process Modeling, which requires numerous samples for its training. Each sample represents a time series describing the demand, load, or other operational and economic profiles for various types of energy producers. These samples are synthetically generated using a reduced order modeling algorithm that reads a limited set of historical data, such as demand and load data from past years. Numerous data analysis methods are employed to construct the reduced order models, including, for example, the Auto Regressive Moving Average, Fourier series decomposition, and the peak detection algorithm. All these algorithms are designed to detrend the data and extract features that can be employed to generate synthetic time histories that preserve the statistical properties of the original limited historical data. The optimization cost function is based on an economic model that assesses the effective cost of energy based on two figures of merit: the specific cash flow stream for each energy producer and the total Net Present Value. An initial guess for the optimal capacities is obtained using the screening curve method. The results of the Gaussian Process model-based optimization are assessed using an exhaustive Monte Carlo search, with the results indicating reasonable optimization results. The workflow has been implemented inside the Idaho National Laboratory’s Risk Analysis and Virtual Environment (RAVEN) framework. The main contribution of this study addresses several challenges in the current optimization methods of the energy portfolios in IES: First, the feasibility of generating the synthetic time series of the periodic peak data; Second, the computational burden of the conventional stochastic optimization of the energy portfolio, associated with the need for repeated executions of system models; Third, the inadequacies of previous studies in terms of the comparisons of the impact of the economic parameters. The proposed workflow can provide a scientifically defendable strategy to support decision-making in the electricity market and to help energy distributors develop a better understanding of the performance of integrated energy systems.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

Optimal Portfolio Management in a Modified Constant Elasticity of Variance Model

We investigate the optimal management of a portfolio consisting of a risk asset and a risk-free bond. The asset dynamics is specified by the M-CEV model. Assuming that the investor has a power utility function, we derive an explicit analytical portfolio-management formula that contains confluent hypergeometric functions. The asymptotic form of the proposed portfolio management strategy is obtained, as well as approximate formulas consisting only of elementary functions. We additionally present an application of our results in the context of algorithmic statistical-arbitrage strategies.

97 MATHEMATICS AND COMPUTING↗

Optimal Portfolio Design of Distributed Energy Resources on Puerto Rico Distribution Feeders with Long Outages after Hurricane Maria

This work details a project to design reliable, resilient, and cost-effective networked microgrids considering grid constraints and resilience metrics focused on Puerto Rico distribution feeder locations with long outages after Hurricane Maria. The project consisted primarily of modeling and simulation tasks that accomplished the following objectives: 1. Selected 10 distribution feeder models in vulnerable areas. The sample feeders are geographically distributed across Puerto Rico and vary in length to capture the wide variety of feeders on the island. 2. Determined the optimal location and sizing of distributed energy resources (DERs) on the identified distribution feeders. The systems considered as part of the microgrid solutions were solar photovoltaic (PV), battery energy storage systems (BESS) and distributed fossil fuel generation (DFFG). 3. Estimated the cost-benefit of the proposed DER portfolios. 4. Provided a set of final recommendations that inform decision making on how to do targeted planning analysis for microgrids that can supply energy to critical infrastructures.

24 POWER TRANSMISSION AND DISTRIBUTION↗

GeoRePORT Case Study Examples: Reporting Using the Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT)

The GeoRePORT System is based on the concept that a geothermal system can be described both in terms of the quality of the geothermal resource as it relates to the potential to extract heat (Resource Grade) and the progress of research and development over the lifetime of the project (Project Readiness Level). Case study examples using the GeoRePORT tool are shared and discussed.

15 GEOTHERMAL ENERGY↗

GeoRePORT Protocol and Spreadsheet Template

The Geothermal Resource Portfolio Optimization and Reporting Technique (GeoRePORT) was developed with funding from the U.S. Department of Energy Geothermal Technologies Office to assist in identifying and pursuing long-term investment strategies through the development of a resource reporting protocol. GeoRePORT provides scientists and nonscientists a comprehensive and quantitative means of reporting: (1) features intrinsic to geothermal sites (project grade) and (2) maturity of the development (project readiness). Because geothermal feasibility is not determined by any single factor (e.g., temperature, permeability, permitting), a site?s project grade and readiness are evaluated on 12 attributes pertaining to geological, technical, or socio-economic feasibility. In this submission, we present the geological, socio-economic, and technical protocols as well as the spreadsheet template for easy data entry and reporting of the GeoRePORT protocol.

15 GEOTHERMAL ENERGY↗

Solving the Optimal Trading Trajectory Problem Using a Quantum Annealer

We solve a multi-period portfolio optimization problem using D-Wave Systems' quantum annealer. We derive a formulation of the problem, discuss several possible integer encoding schemes, and present numerical examples that show high success rates. The formulation incorporates transaction costs (including permanent and temporary market impact), and, significantly, the solution does not require the inversion of a covariance matrix. The discrete multi-period portfolio optimization problem we solve is significantly harder than the continuous variable problem. We present insight into how results may be improved using suitable software enhancements and why current quantum annealing technology limits the size of problem that can be successfully solved today. Here, the formulation presented is specifically designed to be scalable, with the expectation that as quantum annealing technology improves, larger problems will be solvable using the same techniques.

97 MATHEMATICS AND COMPUTING↗

Portfolio-Scale Optimization of Customer Energy Efficiency Incentive and Marketing: Cooperative Research and Development Final Report, CRADA Number CRD-13-535

North East utility National Grid (NGrid) is developing a portfolio-scale application of OpenStudio designed to optimize incentive and marketing expenditures for their energy efficiency (EE) programs. NGrid wishes to leverage a combination of geographic information systems (GIS), public records, customer data, and content from the Building Component Library (BCL) to form a JavaScript Object Notation (JSON) input file that is consumed by an OpenStudio-based expert system for automated model generation. A baseline model for each customer building will be automatically tuned using electricity and gas consumption data, and a set of energy conservation measures (ECMs) associated with each NGrid incentive program will be applied to the model. The simulated energy performance and return on investment (ROI) will be compared with customer hurdle rates and available incentives to A) optimize the incentive required to overcome the customer hurdle rate and B) determine if marketing activity associated with the specific ECM is warranted for that particular customer. Repeated across their portfolio, this process will enable NGrid to substantially optimize their marketing and incentive expenditures, targeting those customers that will likely adopt and benefit from specific EE programs.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

Evaluation of Horizon of Viability Optimization Engine for Sustained Power to Critical Infrastructure: Preprint

In the aftermath of increasingly frequent catastrophic events, a typical scenario is Critical Infrastructure (CI) units being supported by available backup sources with a weak power grid that can be intermittent or absent. Such a scenario is significantly challenging in the sense of reliable supply of power to CI units. In this article, an intelligent optimization scheme termed as Horizon of Viability (HoV) engine is developed to guarantee the viability of a sustained reliable supply of power to the CI units over a time-horizon. The proposed HoV engine generates a cost-optimal portfolio of the locally available generation sources and the loads over a time horizon using a mixed-integer convex programming problem. A Controller hardware-in-the-loop (CHIL) platform is developed to evaluate the control performance of the HoV engine. The experimental results corroborates the efficacy in maintaining the viability of the CI units after a grid interruption event. Further, the proposed HoV optimization scheme performs better compared to existing net-load management schemes in the literature.

disaster resiliency↗

GeoRePORT Input Spreadsheet

The Geothermal Resource Portfolio Optimization and Reporting Tool (GeoRePORT) was developed as a way to distill large amounts of geothermal project data into an objective, reportable data set that can be used to communicate with experts and non-experts. GeoRePORT summarizes (1) resource grade and certainty and (2) project readiness. This Excel file allows users to easily navigate through the resource grade attributes, using drop-down menus to pick grades and project readiness, and then easily print and share the summary with others. This spreadsheet is the first draft, for which we are soliciting expert feedback. The spreadsheet will be updated based on this feedback to increase usability of the tool. If you have any comments, please feel free to contact us.

15 GEOTHERMAL ENERGY↗