Maintenance cost models in deregulated power systems under opportunity costs

Abstract

Maintenance costs in deregulated power systems play an important role. This mainly includes direct costs associated with material and labor costs; and indirect costs associated with spare parts inventory, shipment, test equipment, indirect labor, and opportunity costs. The cost function is used as the sole or main component of the objective function in maintenance scheduling and planning activities. The cost has been modeled in literature with several representations for centralized power systems. With deregulation of power industries in many countries the costs representation to be used within the maintenance model in the decentralized power systems has become an important research question. This paper presents modeling of different components of maintenance costs that can be used within the main objective function of the maintenance scheduling and planning problem for the deregulated environment.