Generation expansion planning considering efficient linear EENS formulation

Abstract Power system equipment outages are one of the most important factors affecting the reliability and economy of power systems. It is crucial to consider the reliability of the planning problems. In this paper, a generation expansion planning (GEP) model is proposed, in which the candidate generating units and energy storage systems (ESSs) are simultaneously planned by minimizing the cost incurred on investment, operation, reserve, and reliability. The reliability cost is computed by multiplying the value of lost load (VOLL) with the expected energy not supplied (EENS), and this model makes a compromise between economy and reliability. Because the computation of EENS makes the major computation impediment of the entire model, a new efficient linear EENS formulation is proposed and applied in a multi-step GEP model. By doing so, the computation efficiency is significantly improved, and the solution accuracy is still desirable. The proposed GEP model is illustrated using the IEEE-RTS system to validate the effectiveness and superiority of the new model.