Risk-averse transmission and generation planning: a WECC case study

Adriaan Van Der Weijde; Francisco David Munoz; Benjamin F. Hobbs; Jean-Paul Watson

Risk-averse transmission and generation planning: a WECC case study

Adriaan Van Der Weijde, Francisco David Munoz, Benjamin F. Hobbs, Jean-Paul Watson

School of Engineering

Research output: Contribution to conference › Paper

Abstract

We investigate the effects of risk aversion on optimal transmission and generation expansion planning. To do so, we formulate a stochastic model in which transmission and generation planners minimize a weighted average of expected costs and their conditional values at risk. This model is then applied to a 240-bus representation of the Western Electricity Coordinating Council, in which we examine the impact of risk aversion on levels and spatial patterns of investment, costs, and prices.

Original language	English
Publication status	Unpublished - 2 Nov 2015
Event	INFORMS Annual Meeting - Philadelphia, United States Duration: 1 Nov 2014 → 4 Nov 2015

Conference

Conference	INFORMS Annual Meeting
Country/Territory	United States
City	Philadelphia
Period	1/11/14 → 4/11/15

Cite this

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title = "Risk-averse transmission and generation planning: a WECC case study",

abstract = "We investigate the effects of risk aversion on optimal transmission and generation expansion planning. To do so, we formulate a stochastic model in which transmission and generation planners minimize a weighted average of expected costs and their conditional values at risk. This model is then applied to a 240-bus representation of the Western Electricity Coordinating Council, in which we examine the impact of risk aversion on levels and spatial patterns of investment, costs, and prices.",

author = "{Van Der Weijde}, Adriaan and Munoz, {Francisco David} and Hobbs, {Benjamin F.} and Jean-Paul Watson",

year = "2015",

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T1 - Risk-averse transmission and generation planning: a WECC case study

AU - Van Der Weijde, Adriaan

AU - Munoz, Francisco David

AU - Hobbs, Benjamin F.

AU - Watson, Jean-Paul

PY - 2015/11/2

Y1 - 2015/11/2

N2 - We investigate the effects of risk aversion on optimal transmission and generation expansion planning. To do so, we formulate a stochastic model in which transmission and generation planners minimize a weighted average of expected costs and their conditional values at risk. This model is then applied to a 240-bus representation of the Western Electricity Coordinating Council, in which we examine the impact of risk aversion on levels and spatial patterns of investment, costs, and prices.

AB - We investigate the effects of risk aversion on optimal transmission and generation expansion planning. To do so, we formulate a stochastic model in which transmission and generation planners minimize a weighted average of expected costs and their conditional values at risk. This model is then applied to a 240-bus representation of the Western Electricity Coordinating Council, in which we examine the impact of risk aversion on levels and spatial patterns of investment, costs, and prices.

M3 - Paper

T2 - INFORMS Annual Meeting

Y2 - 1 November 2014 through 4 November 2015

ER -

Risk-averse transmission and generation planning: a WECC case study

Abstract

Conference

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