Composite power system expansion planning considering outage cost

This paper proposes a method for choosing the best composite power system expansion plan considering a outage cost assessment. The proposed method minimizes the investment budget (economics) for constructing new generating units and transmission lines as well as outage cost subject to deterministic (demand constraint) and probabilistic reliability criterion (LOLER), while considering the uncertainties of system elements. It models the power system expansion problem as an integer programming one. The method solves for the optimal strategy using a probabilistic theory-based branch and bound method that utilizes a network flow approach and the maximum flow-minimum cut set theorem. Although the proposed method is applied to a simple sample study, the test results demonstrate that the proposed method is suitable for solving the composite power system expansion planning problem subject to practical future uncertainties.