Economic Dynamic Real-Time Optimization and Nonlinear Model-Predictive Control on Infinite Horizons

AbstractThis paper investigates the formulation of nonlinear model-predictive control problems with economic objectives on an infinite horizon.The proposed formulation guarantees nominal stability for closed-loop operation. Furthermore, a novel solution method of the infinite horizon method through a transformation of the independent time variable is employed. The closed-loop optimization with infinite horizon is compared to a finite-horizon formulation. A small case study is presented for illustration purposes.