A dispatch optimization system leverages ambient and market forecast data as well as asset performance and parts-life models to generate recommended operating schedules for gas turbines or other power-generating plant assets that substantially maximize profit while satisfying parts-life constraints. The system generates operating profiles that balance optimal peak fire opportunities with optimal cold part-load opportunities within a maintenance interval or other operating horizon. To reduce the computational burden associated with generating the profit-maximizing operating profile, the system uses an estimated price of life value that accounts for creation (by cold part-loading) and exhaustion (by peak fire operation) of factored fired hour credits by means of computing the cost of such credits.
