Electric Power System Planning with Explicit Stochastic Reserves Constraint

Charles R. Scherer and Leland Joe
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Charles R. Scherer: University of California, Los Angeles
Leland Joe: University of California, Los Angeles

Management Science, 1977, vol. 23, issue 9, 978-985

Abstract: The problem of optimal planning of an electric power system is formulated as a cost minimizing mixed-integer mathematical program. The model emphasizes system reliability, requiring reserve generating capacity such that a Loss of Load Probability criterion of one day in ten years is met. Integer variables are used in the model to express system reliability explicitly as a constraint on the system model. Results are given for several plant outage rates and demand levels. The results show that the reliability and "rule-of-thumb" approaches to system reserve planning can yield substantially different optimal system costs and configurations.

Date: 1977
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:23:y:1977:i:9:p:978-985

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