Multi-objective electricity generation expansion planning towards renewable energy policy objectives under uncertainties

Qiao Peng, Weilong Liu, Yufeng Shi, Yuanyuan Dai, Kunjie Yu and Byron Graham

Renewable and Sustainable Energy Reviews, 2024, vol. 197, issue C

Abstract: Conventional petrol vehicles emit a substantial quantity of greenhouse gases, leading to increasingly serious global warming problems. The expansion and development of renewable power generation technologies is conducive in promoting the use of electric vehicles, which are more environmentally friendly. This paper proposes a multi-objective power expansion model considering renewable energy policy objectives. The model regards the problem as a multi-period optimisation task, taking the newly installed capacity and the power generation capacity of each power generation technology as decision variables, and simulating the uncertain factors in the planning process using Geometric Brownian Motion and Monte Carlo approaches. The optimisation objective of the model is to minimise expected costs, reduce risk and environmental impacts, and incorporate changing policy objectives into the constraints to meet policy makers’ expectations for renewable energy development. Then, a decentralised target search-based multi-objective evolutionary algorithm is proposed to solve the model. Its effectiveness is verified by a numerical example using real data from the Chinese power system. The experimental results show that the proposed algorithm exhibits improved performance compared with benchmark algorithms and provides high quality and diverse Pareto-optimal solutions to decision makers. Finally, the optimal plans for power expansion and generation mix under different preferences and policy objectives are discussed and corresponding recommendations are made.

Keywords: Generation expansion planning; Renewable energy; Energy policy targets; Multi-objective optimisation; Evolutionary algorithm (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032124001291
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:197:y:2024:i:c:s1364032124001291

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2024.114406

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().