TY - JOUR
T1 - Market-based generation and transmission planning with uncertainties
AU - Roh, Jae Hyung
AU - Shahidehpour, Mohammad
AU - Wu, Lei
PY - 2009
Y1 - 2009
N2 - This paper presents a stochastic coordination of generation and transmission expansion planning model in a competitive electricity market. The Monte Carlo simulation method is applied to consider random outages of generating units and transmission lines as well as inaccuracies in the long-term load forecasting. The scenario reduction technique is introduced for reducing the computational burden of a large number of planning scenarios. The proposed model assumes a capacity payment mechanism and a joint energy and transmission market for investors' costs recovery. The proposed approach simulates the decision making behavior of individual market participants and the ISO. It is an iterative process for simulating the interactions among GENCOs, TRANSCOs and ISO. The iterative process might be terminated by the ISO based on a pre-specified stopping criterion. The case studies illustrate the applications of proposed stochastic method in a coordinated generation and transmission planning problem when considering uncertainties.
AB - This paper presents a stochastic coordination of generation and transmission expansion planning model in a competitive electricity market. The Monte Carlo simulation method is applied to consider random outages of generating units and transmission lines as well as inaccuracies in the long-term load forecasting. The scenario reduction technique is introduced for reducing the computational burden of a large number of planning scenarios. The proposed model assumes a capacity payment mechanism and a joint energy and transmission market for investors' costs recovery. The proposed approach simulates the decision making behavior of individual market participants and the ISO. It is an iterative process for simulating the interactions among GENCOs, TRANSCOs and ISO. The iterative process might be terminated by the ISO based on a pre-specified stopping criterion. The case studies illustrate the applications of proposed stochastic method in a coordinated generation and transmission planning problem when considering uncertainties.
KW - Competitive electricity market
KW - Coordination of generation and transmission planning
KW - Mixed integer programming
KW - Monte Carlo simulation
KW - Random outages and uncertainty
KW - Transmission network security
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U2 - 10.1109/TPWRS.2009.2022982
DO - 10.1109/TPWRS.2009.2022982
M3 - Article
AN - SCOPUS:68349154621
SN - 0885-8950
VL - 24
SP - 1587
EP - 1598
JO - IEEE Transactions on Power Systems
JF - IEEE Transactions on Power Systems
IS - 3
ER -