NDLI: Transmission planning under uncertainty: A two-stage stochastic modelling approach

Content Provider	IEEE Xplore Digital Library
Author	van der Weijde, A.H. Hobbs, B.F.
Copyright Year	2010
Description	Author affiliation: Electricity Policy Research Group, University of Cambridge and the Whiting School of Engineering, The Johns Hopkins University, Baltimore, MD 21218 USA (Hobbs, B.F.) \|\| Electricity Policy Research Group, University of Cambridge, Department of Economics, Sidgwick Avenue, CB2 7EQ UK (van der Weijde, A.H.)
Abstract	We develop a stochastic two-stage modelling approach to capture the multistage nature of the electricity transmission planning problem and apply it to a stylised representation of the Great Britain (GB) transmission network. In our model, a proactive transmission planner makes investment decisions in two time periods, each time followed by a market response. In the second period, there is less uncertainty than in the first, as the planner knows which of the scenarios has been realized, but the set of options open to the planner in the second period is constrained by the first-period decisions. This model allows us to estimate the value of information in transmission planning, the costs of ignoring uncertainty and the option value of transmission investment alternatives. Our results show that ignoring risk has quantifiable economic consequences and that there is a quantifiable value of optionality.
Starting Page	1
Ending Page	6
File Size	349137
Page Count	6
File Format	PDF
ISBN	9781424468386
e-ISBN	9781424468409
DOI	10.1109/EEM.2010.5558763
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-06-23
Publisher Place	Spain
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Uncertainty Computational modeling Investments Green products Decision making Power transmission economics Air pollution Biomass Power transmission planning Petroleum
Content Type	Text
Resource Type	Article

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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
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