Stochastic optimization for long term capital structures, systems, and components refurbishment and replacement

Congjian Wang*, Diego Mandelli, Shawn St Germain, Curtis Smith, David Morton, Ivilina Popova, Stephen Hess

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

As commercial nuclear power plants (NPPs) pursue extended plant operations in the form of Second License Renewals (SLRs), opportunities exist for these plants to provide capital investments to ensure long-term, safe, and economic performance. Several utilities have already announced their intention to pursue extended operations for one or more of their NPPs via SLR2. The goal of this research is to develop a riskinformed approach to evaluate and prioritize plant capital investments made in preparation for, and during the period of, extended plant operations to support decisions in NPP operations. In order to prioritize project selection via a riskinformed approach we developed a single decision-making tool that integrates safety/reliability, cost, and stochastic optimization models to provide users with data analysis capabilities to more cost effectively manage plant assets. Both stochastic analysis methods-such as Monte Carlo-based sampling strategies-and multi-stage stochastic optimization strategies are employed to provide priority lists to decisionmakers in support of risk-informed decisions. We applied the proposed method to a trial application of projected replacement/refurbishment expenditures for plant capital assets (i.e., structures, systems, and components [SSCs]). The objective is to optimize the SSC replacement/refurbishment schedule in terms of economic constraints, data uncertainties, and SSC reliability data, as well to generate a priority list for maximizing returns on investment.

Original languageEnglish (US)
Title of host publicationASME 2020 Power Conference, POWER 2020, collocated with the 2020 International Conference on Nuclear Engineering
PublisherAmerican Society of Mechanical Engineers (ASME)
ISBN (Electronic)9780791883747
DOIs
StatePublished - 2020
Event2019 Canadian Society for Civil Engineering Annual Conference, CSCE 2019 - Laval, Canada
Duration: Jun 12 2019Jun 15 2019

Publication series

NameAmerican Society of Mechanical Engineers, Power Division (Publication) POWER
Volume2020-August

Conference

Conference2019 Canadian Society for Civil Engineering Annual Conference, CSCE 2019
CountryCanada
CityLaval
Period6/12/196/15/19

Keywords

  • Multidimensional multiple-choice knapsack
  • Risk-informed asset management
  • Stochastic optimization

ASJC Scopus subject areas

  • Mechanical Engineering
  • Energy Engineering and Power Technology

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