Time Step vs. Dynamic Optimization of Generation-Capacity-Expansion Programs of Power Systems

Nissan Levin, Asher Tishler and Jacob Zahavi
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Nissan Levin: Tel Aviv University, Tel Aviv, Israel
Asher Tishler: Tel Aviv University, Tel Aviv, Israel
Jacob Zahavi: Tel Aviv University, Tel Aviv, Israel

Operations Research, 1983, vol. 31, issue 5, 891-914

Abstract: We derive conditions under which the time-step, or the myopic, approach to generation capacity planning in the power industry yields solutions identical to the solution obtained by an equivalent dynamic model that views the capacity expansion program simultaneously over time. The conditions are derived for thermal power systems for which the capacity expansion program is formulated using a convex, nonlinear mathematical programming model.

Keywords: 182 myopic vs. dynamic optimization of power generation systems; 297 capacity expansion programs; 653 identity between myopic and dynamic solutions (search for similar items in EconPapers)
Date: 1983
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