**Speaker:** Dr. Antony Ware, University of Calgary

**Location:** Mathematical Sciences 431

**Date:** Thursday, March 02, 2017

**Time:** 15:00-16:00

**Title:** Reliability-constrained hydropower valuation

**Abstract:** Maximizing the long-term value of hydropower generation requires management of uncertain reservoir inflows, potentially variable constraints on outflows, and exposure to possibly wildly varying power prices. In this talk we present a stochastic dynamic programming approach to the quantification of reservoir reliability (for example, measures of the risk of over-topping the reservoir or failing to satisfy downstream flow requirements) and a related approach to determining the reservoir flow strategy that maximizes expected revenue, subject to defined target reliability levels.