Flexible Multi-Objective Transmission Expansion Planning with Adjustable Risk Aversion

Jing Qiu, Junhua Zhao and Dongxiao Wang
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Jing Qiu: Energy Flagship, The Commonwealth Scientific and Industrial Research Organization (CSIRO), Mayfield West, NSW 2304, Australia
Junhua Zhao: School of Science and Engineering, Chinese University of Hong Kong (Shenzhen), Shenzhen 518172, China
Dongxiao Wang: Center for Intelligent Electricity Networks, The University of Newcastle, Callaghan, NSW 2308, Australia

Energies, 2017, vol. 10, issue 7, 1-20

Abstract: This paper presents a multi-objective transmission expansion planning (TEP) framework. Rather than using the conventional deterministic reliability criterion, a risk component based on the probabilistic reliability criterion is incorporated into the TEP objectives. This risk component can capture the stochastic nature of power systems, such as load and wind power output variations, component availability, and incentive-based demand response (IBDR) costs. Specifically, the formulation of risk value after risk aversion is explicitly given, and it aims to provide network planners with the flexibility to conduct risk analysis. Thus, a final expansion plan can be selected according to individual risk preferences. Moreover, the economic value of IBDR is modeled and integrated into the cost objective. In addition, a relatively new multi-objective evolutionary algorithm called the MOEA/D is introduced and employed to find Pareto optimal solutions, and tradeoffs between overall cost and risk are provided. The proposed approach is numerically verified on the Garver’s six-bus, IEEE 24-bus RTS and Polish 2383-bus systems. Case study results demonstrate that the proposed approach can effectively reduce cost and hedge risk in relation to increasing wind power integration.

Keywords: risk management; stochastic programming; multi-objective optimization; and power-system planning (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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