Generation expansion planning (also known as GEP) is finding an
optimal solution
In mathematics, computer science and economics, an optimization problem is the problem of finding the ''best'' solution from all feasible solutions.
Optimization problems can be divided into two categories, depending on whether the variables ...
for the planning problem in which the installation of new generation units satisfies both technical and financial limits.
[Kazemi, Hamidreza Moayed, Sahand Ghaseminejad Liasi, and Mohammadkazem Sheikh-El-Eslami]
"Generation Expansion Planning Considering Investment Dynamic of Market Participants Using Multi-agent System."
In 2018 Smart Grid Conference (SGC), pp. 1-6. IEEE, 2018. GEP is a challenging problem because of the
large scale
Large scale or G scale (, G gauge) is a track gauge for model railways which is often used for outdoor garden railways because of its size and durability. G scale trains use a fixed track gauge of to accommodate a range of rail transport mod ...
,
long-term and
nonlinear
In mathematics and science, a nonlinear system is a system in which the change of the output is not proportional to the change of the input. Nonlinear problems are of interest to engineers, biologists, physicists, mathematicians, and many other ...
nature of generation unit size.
Due to lack of information, companies have to solve this problem in a risky environment because the competition between
generation companies for maximizing their benefit make them to conceal their strategies.
Under such an ambiguous condition, various nonlinear solutions have been proposed to solve this sophisticated problem.
[Park, Jong-Bae, Young-Moon Park, Jong-Ryul Won, and Kwang Y. Lee]
improved genetic algorithm for generation expansion planning."
IEEE Transactions on Power Systems 15, no. 3 (2000): 916-922. These solutions are based on different strategies including:
game theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has appli ...
, two-level game model,
[V. Nanduri, T. K. Das and P. Rocha, "Generation capacity expansion in energy markets using a two-level game-theoretic model," IEEE trans. power sys, vol.24, no.3, pp.1165,1172, 2009.] multi-agent system
A multi-agent system (MAS or "self-organized system") is a computerized system composed of multiple interacting intelligent agents.Hu, J.; Bhowmick, P.; Jang, I.; Arvin, F.; Lanzon, A.,A Decentralized Cluster Formation Containment Framework fo ...
,
genetic algorithm
In computer science and operations research, a genetic algorithm (GA) is a metaheuristic inspired by the process of natural selection that belongs to the larger class of evolutionary algorithms (EA). Genetic algorithms are commonly used to gene ...
,
[Kannan, S., S. Mary Raja Slochanal, P. Subbaraj, and Narayana Prasad Padhy. "Application of particle swarm optimization technique and its variants to generation expansion planning problem." Electric Power Systems Research 70, no. 3 (2004): 203-210.] and so forth.
See also
*
Demand response
Demand response is a change in the power consumption of an electric utility customer to better match the demand for power with the supply. Until the 21st century decrease in the cost of pumped storage and batteries electric energy could not be ...
*
power system
An electric power system is a network of electrical components deployed to supply, transfer, and use electric power. An example of a power system is the electrical grid that provides power to homes and industries within an extended area. The ...
References
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Electric power generation
Planning
Power engineering