NDLI: Maximizing Future Flexibility in Electric Generation Portfolios

Content Provider	IEEE Xplore Digital Library
Author	Mejia-Giraldo, D. McCalley, J.D.
Copyright Year	1969
Abstract	This paper presents a methodology to obtain flexible future capacity expansion plans under diverse types and sources of uncertainty classified as global and local. Planning flexibility is defined as the capability of a long-term planning solution to adapt cost-effectively to any of the conditions of characterizing the identified scenarios. Global (or high-impact) uncertainties allow us to create scenarios that guide the flexibility-based planning model; whereas local uncertainties allow us to create uncertainty sets that model the imperfect knowledge of each global uncertainty (GU). Our methodology, rather than choosing the most flexible plan among a set of candidate solutions, designs a flexible system that is less sensitive to the choice of scenarios. In addition to minimizing the investment and operational cost, the model minimizes its future adaptation cost to the conditions of other identified scenarios via adjustable robust optimization. Results obtained with our methodology in a 5-region US system under a 40-year planning horizon show how a flexible system adapts to future high-impact uncertainties at reasonably low costs with a low number of adaptation actions. A folding horizon process where GUs are guided by Markov chains was performed to assess the degree of flexibility of the system and its cost under multiple operation conditions.
Sponsorship	IEEE Power Engineering Society
Starting Page	279
Ending Page	288
Page Count	10
File Size	1762489
File Format	PDF
ISSN	08858950
Volume Number	29
Issue Number	1
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2014-01-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Uncertainty Planning Investment Robustness Capacity planning Adaptation models Portfolios planning Adaptation cost adjustable robust optimization flexibility global uncertainty investment local uncertainty
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
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9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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