A Methodology for Generation Expansion Planning for Renewable Energy Economies
Mohammad Rasouli, Demos Teneketzis

Citation
Mohammad Rasouli, Demos Teneketzis. " A Methodology for Generation Expansion Planning for Renewable Energy Economies". Conference on Decision and Control (CDC), 1556-1563, 2017.

Abstract
In the restructured electricity industry, Generation Expansion Planning (GEP) is an oligopoly of strategic Generation Companies (GenCos) with private information investing in a highly uncertain environment. Strategic planning and uncertainties can result in market manipulation and underinvestment (short-term planning). We present a forward moving approach to the problem of investment expansion planning in the restructured electricity industry. This approach accounts for technological, political and environmental uncertainties in the problem’s environment and leads to long-term planning. At each step of the approach we present a block investment market mechanism that has the following features. (F1) It is individually rational. (F2) It is budget balanced. (F3) The expansion and production allocations corresponding to the unique Nash Equilibrium (NE) of the game induced by the mechanism are the same as those that maximize the sum of utilities of the producers and the demand. (F4) It is price efficient that is, the price for electricity at equilibrium is equal to the marginal utility of the demand and to the marginal cost of production by producers with free capacity.

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  • HTML
    Mohammad Rasouli, Demos Teneketzis. <a
    href="http://www.cps-forces.org/pubs/217.html">
    A Methodology for Generation Expansion Planning for
    Renewable Energy Economies</a>, Conference on Decision
    and Control (CDC), 1556-1563, 2017.
  • Plain text
    Mohammad Rasouli, Demos Teneketzis. " A Methodology for
    Generation Expansion Planning for Renewable Energy
    Economies". Conference on Decision and Control (CDC),
    1556-1563, 2017.
  • BibTeX
    @inproceedings{RasouliTeneketzis17_MethodologyForGenerationExpansionPlanningForRenewable,
        author = {Mohammad Rasouli and Demos Teneketzis},
        title = { A Methodology for Generation Expansion Planning
                  for Renewable Energy Economies},
        booktitle = {Conference on Decision and Control (CDC)},
        pages = {1556-1563},
        year = {2017},
        abstract = { In the restructured electricity industry,
                  Generation Expansion Planning (GEP) is an
                  oligopoly of strategic Generation Companies
                  (GenCos) with private information investing in a
                  highly uncertain environment. Strategic planning
                  and uncertainties can result in market
                  manipulation and underinvestment (short-term
                  planning). We present a forward moving approach to
                  the problem of investment expansion planning in
                  the restructured electricity industry. This
                  approach accounts for technological, political and
                  environmental uncertainties in the problem’s
                  environment and leads to long-term planning. At
                  each step of the approach we present a block
                  investment market mechanism that has the following
                  features. (F1) It is individually rational. (F2)
                  It is budget balanced. (F3) The expansion and
                  production allocations corresponding to the unique
                  Nash Equilibrium (NE) of the game induced by the
                  mechanism are the same as those that maximize the
                  sum of utilities of the producers and the demand.
                  (F4) It is price efficient that is, the price for
                  electricity at equilibrium is equal to the
                  marginal utility of the demand and to the marginal
                  cost of production by producers with free capacity.},
        URL = {http://cps-forces.org/pubs/217.html}
    }
    

Posted by Erik Miehling on 17 Feb 2017.
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