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Seminar
Department of Systems Engineering and Engineering Management
The Chinese
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Title |
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Energy Portfolio
Investment with Entry Decisions |
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Speaker |
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Prof. Zhen Liu |
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Engineering Management & System Engineering |
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Date |
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Dec. 17th, 2010(Friday) |
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Time |
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11:00 a.m. - 12:00 a.m. |
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Venue |
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Room 513 |
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William M.W. Mong Engineering Building |
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(Engineering Building Complex Phase 2) |
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CUHK |
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Abstract:
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Climate change is recognized as the major environmental problem faced by the world. Of most concern factors is the increase in carbon dioxide levels due to emissions from fossil fuel combustion. Therefore construction of a greener power plant, which is subject to huge initial capital investment, is crucial to reducing carbon dioxide emission. The decrease in coal reserves is also pushing power plant to generate more new green energy. Due to the uncertainties in electricity prices, alternative green energy prices, and the cost of carbon dioxide emissions, an energy portfolio should be formed to diversify the risks faced by generators. We formulate the decision-making as an optimization problem to maximize long-term profit through stochastic control and up-wind finite difference method, and solve the following problems: (1) the optimal time to build a new alternative green energy power generating plant, and (2) the optimal dispatch from the existing coal plant and the new plant. |
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Biography:
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Zhen Liu is an Assistant Professor of Engineering Management and
Systems Engineering at Missouri University of Science & Technology
(former University of Missouri-Rolla), and serves as the director of the
Laboratory for Investment & Financial Engineering (LIFE). He was visiting
the Department of Industrial Engineering at Laboratory
in 2003. He received his Ph.D. degree in Industrial Engineering &
Management Sciences from His primary research interests are dynamic decision-making under uncertainties and applications for energy and healthcare problems, financial engineering, and interface between operations & finance. He
has been a consultant to a number of organizations including investment bank
and IT company and received the fellowship from the Institute on
Computational Economics at the |
************************* ALL ARE WELCOME ************************
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Host |
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Prof. Nan Chen |
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Tel |
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(852)2609 8237 |
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nchen@se.cuhk.edu.hk |
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Enquiries |
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Prof. Nan Chen or Prof. Sean X. Zhou |
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Department of Systems Engineering and Engineering
Management |
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CUHK |
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