Optimal investment planning model for power systems

Abstract

The present paper describes an optimal investment planning model for determining the least-cost expansion plan for generation capacity of a power system under growing demand over a planning horizon of 15 to 25 years. given projections of future demand for power, the expected shape of annual load duration curve and relevant capital and operating cost information, a solution of the mixed integer linear programming model would provide type, capacity and time schedule of commissioning the additional generating plants needed for meting the given demand with an accepted standard of service in terms of reserve requirements of load-loss probability.