Nils Löhndorf

Optimizing Trading Decisions for Hydro Storage Systems using Approximate Dual Dynamic Programming

  • Nils Löhndorf
  • David Wozabal
  • Stefan Minner
    • Categories Applications - OR and Management Sciences, Dynamic Programming, Stochastic Programming Tags , , ,

    We propose a new approach to optimize operations of hydro storage systems with multiple connected reservoirs which participate in wholesale electricity markets. Our formulation integrates short-term intraday with long-term interday decisions. The intraday problem considers bidding decisions as well as storage operation during the day and is formulated as a stochastic program. The interday problem … Read more

    Simulation Optimization for the Stochastic Economic Lot Scheduling Problem

  • Nils Löhndorf
  • Stefan Minner
    • Categories Dynamic Programming, Optimization of Simulated Systems, Scheduling Tags , , , , ,

    We study simulation optimization methods for the stochastic economic lot scheduling problem. In contrast to prior research, we focus on methods that treat this problem as a black box. Based on a large-scale numerical study, we compare approximate dynamic programming with a global search for parameters of simple control policies. We propose two value function … Read more