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Electric Power System Planning with Explicit Stochastic Reserves Constraint

Author

Listed:
  • Charles R. Scherer

    (University of California, Los Angeles)

  • Leland Joe

    (University of California, Los Angeles)

Abstract

The problem of optimal planning of an electric power system is formulated as a cost minimizing mixed-integer mathematical program. The model emphasizes system reliability, requiring reserve generating capacity such that a Loss of Load Probability criterion of one day in ten years is met. Integer variables are used in the model to express system reliability explicitly as a constraint on the system model. Results are given for several plant outage rates and demand levels. The results show that the reliability and "rule-of-thumb" approaches to system reserve planning can yield substantially different optimal system costs and configurations.

Suggested Citation

  • Charles R. Scherer & Leland Joe, 1977. "Electric Power System Planning with Explicit Stochastic Reserves Constraint," Management Science, INFORMS, vol. 23(9), pages 978-985, May.
    • Handle: RePEc:inm:ormnsc:v:23:y:1977:i:9:p:978-985
    DOI: 10.1287/mnsc.23.9.978
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    Cited by:

    1. Wang, Earl-Juei & Jaraiedi, Majid & Torries, Thomas F., 1996. "Modelling long-run cost minimization and environmental provisions for utility expansion," Energy Economics, Elsevier, vol. 18(1-2), pages 49-68, April.
    2. Michael Monticino & James Weisinger, 1995. "Optimal cutoff strategies in capacity expansion problems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 42(7), pages 1021-1039, October.

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