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Season-dependent hedging policies for reservoir operation-a comparison study
Kasthrirengan Srinivasan
Published in MDPI AG
2018
Volume: 10
   
Issue: 10
Abstract
During periods of significant water shortage or when drought is impending, it is customary to implement some kind of water supply reduction measures with a view to prevent the occurrence of severe shortages (vulnerability) in the near future. In the case of operation of a water supply reservoir, this reduction of water supply is affected by hedging schemes or hedging policies. This research work aims to compare the popular hedging policies: (i) linear two-point hedging; (ii) modified two-point hedging; and, (iii) discrete hedging based on time-varying and constant hedging parameters. A parameterization-simulation-optimization (PSO) framework is employed for the selection of the parameters of the compromising hedging policies. The multi-objective evolutionary search-based technique (Non-dominated Sorting based Genetic Algorithm-II) was used to identify the Pareto-optimal front of hedging policies that seek to obtain the trade-off between shortage ratio and vulnerability. The case example used for illustration is the Hemavathy reservoir in Karnataka, India. It is observed that the Pareto-optimal front that was obtained from time-varying hedging policies show significant improvement in reservoir performance when compared to constant hedging policies. The variation in the monthly parameters of the time-variant hedging policies shows a strong correlation with monthly inflows and available water. © 2018 by the authors.
About the journal
JournalWater (Switzerland)
PublisherMDPI AG
ISSN20734441
Open AccessYes
Concepts (17)
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    Economic and social effects
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    Genetic algorithms
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    Optimization
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    Parameterization
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    Pareto principle
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    Particle swarm optimization (pso)
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    Reservoirs (water)
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    Water supply
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    DIRECT POLICY SEARCH
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    MULTI-OBJECTIVE EVOLUTIONARY
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    NSGA-II
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    RESERVOIR PERFORMANCE
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    SHORTAGE RATIO: VULNERABILITY
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    Simulation
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    SIMULATION OPTIMIZATION
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    WATER SUPPLY RESERVOIRS
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    ELECTRONIC TRADING