Abstract
A value-based transmission expansion planning model for a centralized electricity market is presented. The model incorporates minimization of long-term transmission investment cost and expected short-term social cost for power dispatch. Uncertainties involved in representing short-term power dispatch model in to the long-term planning are handled with probabilistic techniques for price bid details, component outages, and hourly load variations. The resulting stochastic mixed-integer optimization problem is solved using Generalised Benders Decomposition (GBD) algorithm combined with non-sequential Monte Carlo technique. A one-year expansion study is carried out for the modified Garver’s 6-bus test system to demonstrate the effectiveness of the proposed model.
Sign-in/Register to access full text options 
Free) 
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 call
