A two-stage stochastic optimization planning framework to decarbonize deeply electric power systems

Luigi Boffino, Antonio J. Conejo, Ramteen Sioshansi and Giorgia Oggioni

Energy Economics, 2019, vol. 84, issue C

Abstract: In 2015, 195 countries signed the Paris Agreement under the United Nations Framework Convention on Climate Change. To achieve the ambitious greenhouse gas-reduction targets therein, the electric power sector must be transformed fundamentally. To this end, we develop a two-stage stochastic optimization model. The proposed model determines the optimal mix of generation and transmission capacity to build to serve future demands at least cost, while respecting technical constraints and climate-related considerations. The model uses a mix of AC and high-voltage DC transmission lines, conventional and renewable generation, and different types of energy-storage units to meet these objectives. Short- and long-term uncertainties are modeled using operating conditions and scenarios, respectively.

Keywords: Generation-expansion planning; Transmission-expansion planning; Stochastic optimization; Climate policy; Energy storage (search for similar items in EconPapers)
JEL-codes: C61 C63 Q4 Q5 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:84:y:2019:i:c:s0140988319302385

DOI: 10.1016/j.eneco.2019.07.017

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