A hybrid probabilistic criterion for market-based transmission expansion planning

Lu, M., Dong, Z. Y. and Saha, T. K. (2007). A hybrid probabilistic criterion for market-based transmission expansion planning. In: IEEE Power Engineering Society General Meeting, Montreal, Canada, (). 18-22 June, 2006.

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Author Lu, M.
Dong, Z. Y.
Saha, T. K.
Title of paper A hybrid probabilistic criterion for market-based transmission expansion planning
Conference name IEEE Power Engineering Society General Meeting
Conference location Montreal, Canada
Conference dates 18-22 June, 2006
Publication Year 2007
Sub-type Fully published paper
Language eng
Abstract/Summary Market-based transmission expansion planning gives information to investors on where is the most cost efficient place to invest and brings benefits to those who invest in this grid. However, both market issue and power system adequacy problems are system planers’ concern. In this paper, a hybrid probabilistic criterion of Expected Economical Loss (EEL) is proposed as an index to evaluate the systems’ overall expected economical losses during system operation in a competitive market. It stands on both investors’ and planner’s point of view and will further improves the traditional reliability cost. By applying EEL, it is possible for system planners to obtain a clear idea regarding the transmission network’s bottleneck and the amount of losses arises from this weak point. Sequentially, it enables planners to assess the worth of providing reliable services. Also, the EEL will contain valuable information for moneymen to undertake their investment. This index could truly reflect the random behaviors of power systems and uncertainties from electricity market. The performance of the EEL index is enhanced by applying Normalized Coefficient of Probability (NCP), so it can be utilized in large real power systems. A numerical example is carried out on IEEE Reliability Test System (RTS), which will show how the EEL can predict the current system bottleneck under future operational conditions and how to use EEL as one of planning objectives to determine future optimal plans. A well-known simulation method, Monte Carlo simulation, is employed to achieve the probabilistic characteristic of electricity market and Genetic Algorithms (GAs) is used as a multi-objective optimization tool.
Subjects 290900 Electrical and Electronic Engineering
Keyword Transmission Expansion Planning (TEP)
Congestion Cost
Transmission Expansion Flexibility
Reliability worth/reliability cost
Transmission Expansion Flexibility (TEF)
Normalized Coefficient of Probability (NCP)
Monte Carlo Simulation
Q-Index Code EX
Additional Notes Citation: M. Lu, Z. Y. Dong, and T. K. Saha (2006) A Hybrid Probabilistic Criterion for Market-based Transmission Expansion Planning, IEEE Power Engineering Society General Meeting, Montreal, Canada, 18-22 June, 2006. www.ieee.org Copyright (c) 2006 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE. This material is presented to ensure timely dissemination of scholarly and technical work. Copyright and all rights therein are retained by authors or by other copyright holders. All persons copying this information are expected to adhere to the terms and constraints invoked by each author's copyright. In most cases, these works may not be reposted without the explicit permission of the copyright holder.

 
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Created: Fri, 30 Mar 2007, 12:19:42 EST by Tapan Kumar Saha on behalf of Faculty Of Engineering, Architecture & Info Tech