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- W2004046852 abstract "Abstract Generation expansion planning has become a complex problem within a deregulated electricity market environment due to all the uncertainties affecting the profitability of a given investment. Current expansion models usually overlook some of these uncertainties in order to reduce the computational burden. In this paper, we raise a flag on the importance of both equipment failures (units and lines) and wind power correlation on generation expansion decisions. For this purpose, we use a bilevel stochastic optimization problem, which models the sequential and noncooperative game between the generating company (GENCO) and the system operator. The upper-level problem maximizes the GENCO's expected profit, while the lower-level problem simulates an hourly market-clearing procedure, through which LMPs are determined. The uncertainty pertaining to failures and wind power correlation is characterized by a scenario set, and its impact on generation expansion decisions is quantified and discussed for a 24-bus power system." @default.
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- W2004046852 date "2014-11-01" @default.
- W2004046852 modified "2023-09-26" @default.
- W2004046852 title "Impact of equipment failures and wind correlation on generation expansion planning" @default.
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- W2004046852 doi "https://doi.org/10.1016/j.epsr.2014.07.019" @default.
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