Transmission Expansion Planning under Uncertainty for Investment Options with Various Lead-Times

Wook-Won Kim, Jong-Keun Park, Yong-Tae Yoon and Mun-Kyeom Kim
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Wook-Won Kim: Department of Electric and Computer Engineering, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 06974, Korea
Jong-Keun Park: Department of Electric and Computer Engineering, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 06974, Korea
Yong-Tae Yoon: Department of Electric and Computer Engineering, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 06974, Korea
Mun-Kyeom Kim: Department of Energy System Engineering, Chung-Ang University, 84 Heukseok-ro, Dongjak-gu, Seoul 06974, Korea

Energies, 2018, vol. 11, issue 9, 1-19

Abstract: Investment options of transmission expansion planning (TEP) involve different lead times according to their length, technology, and environmental and social impacts. TEP planners can utilize the various lead times to deal with the risk of uncertainty. This paper proposes a novel framework for TEP under an uncertain environment, which includes investment options with various lead times. A multi-stage model is developed to reflect the different lead times in the planning method. The level of demand uncertainty is represented using a relative standard deviation. Demand uncertainty in the presented multi-stage model and its influence on the optimal decision are studied. The problem is formulated as a mixed integer linear problem to which stochastic programming is applied, and the proposed framework is illustrated from case studies on a modified Garver’s six-bus system. The case studies verify the effectiveness of the framework for TEP problems with a mathematically tractable model and demonstrates that the proposed method achieves better performance than other methods when the problems involve investment candidates with various lead times under uncertain conditions.

Keywords: transmission expansion planning; lead times; investment options; stochastic programming; multi-stage model (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: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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