At the moment, due to technology improvements and governmental incentives for the use of green energies, Renewable Energy Sources (RESs) appears to be a promising approach for electricity generation. This motivates the implementation of Wind Farms (WFs) and Fuel Cell Power Plants (FCPPs) over a...

In this paper, we investigate the representation of wind power forecasting (WPF) uncertainty in the unit commitment (UC) problem. While deterministic approaches use a point forecast of wind power output, WPF uncertainty in the stochastic UC alternative is captured by a number of scenarios that...

We study optimal oil extraction strategy and the value of an oil field using a multiple real option appraoch. Extracting a barrel of oil is similar to exercising a call option and optimal strategies lead to deferring production when oil prices are low and when volatility is high. We sow that, in...

This paper shows stochastic versions of (i) Michel's (1990, Econometrica 58, 705--723, Theorem 1) necessity result , (ii) a generalization of the TVC results of Weitzman (1973, Manage. Sci. 19, 783--789) and Ekeland and Scheinkman (1986, Math. Oper. Res. 11, 216--229), and (iii) Kamihigashi's...