Multi-Objective Simulation-Optimization Model for Long-term Reservoir Operation using Piecewise Linear Hedging Rule
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An efficiently parameterized and appropriately structured piecewise linear hedging rule is formulated and included within a multi-objective simulation-optimization (S-O) framework that seeks to obtain Pareto-optimal solutions for the long-term hedged operation of a single water supply reservoir. Two conflicting objectives, namely, “minimize the total shortage ratio” and “minimize the maximum shortage” are considered in the S-O framework, while explicit specification of constraints is avoided in the optimization module. Evolutionary search based non-dominated sorting genetic algorithm is used as the driver, which is linked to the simulation engine that invokes the piecewise linear hedging rule within the S-O framework. Preconditioning of the multi-objective stochastic search of the time-varying piecewise linear hedging model is effected by feeding initial feasible solutions sampled from the Pareto-optimal front of a simple constant hedging parameter model, which has resulted in significant improvement of the Pareto-optimality and the computational efficiency.
KeywordsReservoir hedging Piecewise linear hedging rule Multi-objective GA Simulation-optimization Preconditioning
The authors acknowledge the “high performance computing environment” facility provided by the Indian Institute of Technology Madras, India for carrying out this research work. The authors also wish to thank the anonymous reviewer and the associate editor for the comments and suggestions that were useful in enhancing the quality of presentation of the manuscript.
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