27d (edited) • 💻 Technical Skills
New Online Course: Monte Carlo in Energy
A new online course is now available in the Classroom section: "115. Monte Carlo Simulations in Energy".
Because we are building directly on our previous work, please make sure you have completed the prerequisite course, "114. Deterministic Optimisation in Energy," before diving into this one.
In the real world, sunlight and electricity demand fluctuate constantly. Relying on a single "perfect" forecast leaves power systems highly vulnerable to unexpected costs or failures.
This course teaches you how to handle that uncertainty using a Monte Carlo Simulation.
We will take our deterministic model and run it 1,000 times, applying random, normally distributed variations to both the electricity demand and the solar output.
By analyzing the 1,000 optimal costs through statistics and risk metrics like VaR (Value at Risk) and CVaR, we observe how to observe how sensitive are the economics to uncertainty.
Mastering this technique is crucial in the energy sector because it allows to mathematically quantify risk and predict financial stability of energy systems.
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New Online Course: Monte Carlo in Energy
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