Stochastic and Monte Carlo Simulation

Features

Stochastic and Monte Carlo Simulation

“What is my expectation for unserved energy given the uncertainty in load, plant availability and renewable energy production?”

“Should I commit my power plant now given the uncertainty in load and price forecasts?”

Deterministic models only give you a point estimate with no information on the sensitivity of your key results to the underlying uncertainties in the input data.

Energy Exemplar software allows any input to be stochastic so you have explore sensitivities and obtain results with statistical significance.

Any number of iterations can be modelled using Monte Carlo whilst our true stochastic optimization approach offers a 2-stage and multi-stage optimization of decisions such as unit commitment or expansion with respect to uncertainty.

Our customers have proven the benefits of being guided by stochastic optimal solutions taking into account all of the uncertainty in forecast inputs.