Abstract
We consider the problem of generation expansion planning (GEP) under uncertainty. Existing and planned deployment of demand response mechanisms necessitates extensions of GEP optimization models to minimize planned investment portfolio cost. We propose a combination of service level threshold and chance constraints to abstractly capture the impact of demand response mechanisms in generation expansion planning. We examine the computational properties of solutions from the proposed optimization model using real-world data from South Korea. Our results indicate that the proposed models can be solved to optimality in tractable run-times, allowing for their use in decision support contexts and avoiding the need for heuristic solution procedures.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: NETNOMICS: Economic Research and Electronic Networking
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
