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Isenberg NM, Akula P, Eslick JC, Bhattacharyya D, Miller DC, Gounaris CE. A generalized
cutting‐set
approach for nonlinear robust optimization in process systems engineering. AIChE J 2021. [DOI: 10.1002/aic.17175] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 01/05/2023]
Affiliation(s)
- Natalie M. Isenberg
- Department of Chemical Engineering Carnegie Mellon University Pittsburgh Pennsylvania USA
| | - Paul Akula
- Department of Chemical and Biomedical Engineering West Virginia University Morgantown West Virginia USA
| | - John C. Eslick
- The National Energy Technology Laboratory Pittsburgh Pennsylvania USA
| | - Debangsu Bhattacharyya
- Department of Chemical and Biomedical Engineering West Virginia University Morgantown West Virginia USA
| | - David C. Miller
- The National Energy Technology Laboratory Pittsburgh Pennsylvania USA
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Baratsas SG, Niziolek AM, Onel O, Matthews LR, Floudas CA, Hallermann DR, Sorescu SM, Pistikopoulos EN. A framework to predict the price of energy for the end-users with applications to monetary and energy policies. Nat Commun 2021; 12:18. [PMID: 33398000 PMCID: PMC7782726 DOI: 10.1038/s41467-020-20203-2] [Citation(s) in RCA: 10] [Impact Index Per Article: 3.3] [Reference Citation Analysis] [Abstract] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/27/2020] [Accepted: 11/09/2020] [Indexed: 11/21/2022] Open
Abstract
Energy affects every single individual and entity in the world. Therefore, it is crucial to precisely quantify the “price of energy” and study how it evolves through time, through major political and social events, and through changes in energy and monetary policies. Here, we develop a predictive framework, an index to calculate the average price of energy in the United States. The complex energy landscape is thoroughly analysed to accurately determine the two key factors of this framework: the total demand of the energy products directed to the end-use sectors, and the corresponding price of each product. A rolling horizon predictive methodology is introduced to estimate future energy demands, with excellent predictive capability, shown over a period of 174 months. The effectiveness of the framework is demonstrated by addressing two policy questions of significant public interest. Global energy transformation requires quantifying the "price of energy" and studying its evolution. Here the authors present a predictive framework that calculates the average US price of energy, estimating future energy demands for up to four years with excellent accuracy, designing and optimizing energy and monetary policies.
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Affiliation(s)
- Stefanos G Baratsas
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA.,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA
| | - Alexander M Niziolek
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA.,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA
| | - Onur Onel
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA.,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA
| | - Logan R Matthews
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA.,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA
| | - Christodoulos A Floudas
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA.,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA
| | - Detlef R Hallermann
- Department of Finance, Mays Business School, Texas A&M University, College Station, TX, 77843, USA
| | - Sorin M Sorescu
- Department of Finance, Mays Business School, Texas A&M University, College Station, TX, 77843, USA
| | - Efstratios N Pistikopoulos
- Artie McFerrin Department of Chemical Engineering, Texas A&M University, College Station, TX, 77843, USA. .,Texas A&M Energy Institute, Texas A&M University, College Station, TX, 77843, USA.
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