Generation Capacity Expansion Planning in Restructured Electricity Markets Using Genetic Algorithms
This paper describes an approach to model and to solve the Generation Expansion Planning Problem, GEP, using Genetic Algorithms. This approach was developed in order to help investors in new generation capacity to take decisions regarding new investments.
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Generation Capacity Expansion Planning in Restructured Electricity Markets Using Genetic Algorithms Adelino J.C. Pereira and Joa˜o Tome´ Saraiva
Abstract This paper describes an approach to model and to solve the Generation Expansion Planning Problem, GEP, using Genetic Algorithms. This approach was developed in order to help investors in new generation capacity to take decisions regarding new investments. This approach was developed in the scope of the implementation of electricity markets given that they eliminated the traditional centralized planning activities leading to the creation of several generation companies competing to supply the demand. As a result, the generation activity is more risky than in the past and so it becomes important to develop new tools to help decision makers to analyze the investment alternatives, having in mind the possible behavior of the competitors. The developed model aims at maximizing the expected profits that will be obtained by an investor, while it evaluates the reliability and the security of supply and it incorporates uncertainties related with the volatility of electricity prices, with the reliability of generation groups, with the evolution of the demand, and with the operation and investment costs The developed model and the implemented solution algorithm will be applied to a Case Study to illustrate the use of the developed approach to build the expansion plans.
A.J.C. Pereira (*) Departamento de Engenharia Eletrote´cnica, Instituto Superior de Engenharia de Coimbra Instituto Polite´cnico de Coimbra Rua Pedro Nunes, 3030-199 Coimbra, Portugal e-mail: [email protected] J.T. Saraiva Departamento de Engenharia Eletrote´cnica e de Computadores; FEUP/DEEC and INESC Porto Campus da FEUP, Rua Dr. Roberto Frias, 4200-465 Porto, Portugal e-mail: [email protected] A. Madureira et al., Computational Intelligence and Decision Making: Trends and 215 Applications, Intelligent Systems, Control and Automation: Science and Engineering 61, DOI 10.1007/978-94-007-4722-7_20, # Springer Science+Business Media Dordrecht 2013
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A.J.C. Pereira and J.T. Saraiva
Introduction
Motivated by the success of deregulation in industries such as telecommunications, airlines, and transportation, the power industry went through a restructuring process that was introduced in many countries around the world. The restructuring process had several consequences, namely in the operation planning and in the expansion planning, both regarding generation capacity and transmission capacity. Among these new aspects, it is important to mention that these activities are now much more contaminated by uncertainties leading to a large level of risk. Reference [1] details some of the reasons explaining the increased complexity of the generation expansion planning exercises. The most relevant objectives of a generation expansion problem are the identification of the technologies on which to invest, the new capacity to install of each candidate technology and the timing these investments should be in place. The re
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