Mean-risk stochastic electricity generation expansion planning problems with demand uncertainties considering conditional-value-at-risk and maximum regret as risk measures

Hatice Tekiner-Mogulkoc; David W. Coit; Frank A. Felder

doi:10.1016/j.ijepes.2015.05.003

Mean-risk stochastic electricity generation expansion planning problems with demand uncertainties considering conditional-value-at-risk and maximum regret as risk measures

Hatice Tekiner-Mogulkoc, David W. Coit, Frank A. Felder

Rutgers University

Research output: Contribution to journal › Article › peer-review

13 Citations (Scopus)

Abstract

This paper focused on solving electricity generation expansion planning problems where there are uncertainties associated with the electricity demand forecasts. The electricity expansion plans are long-term commitments and affects people's living conditions and business prosperity deeply. Therefore it is reasonable that the decision makers may be risk averse. In this paper, mathematical models are developed to incorporate the risk aversion into the generation expansion planning problems. We use the conditional-value-at-risk and maximum regret as risk measures and the results shows that the investment plans are affected when the risk is considered.

Original language	English
Pages (from-to)	309-317
Number of pages	9
Journal	International Journal of Electrical Power and Energy Systems
Volume	73
DOIs	https://doi.org/10.1016/j.ijepes.2015.05.003
Publication status	Published - Dec 1 2015

Keywords

Conditional-value-at-risk
Electricity demand uncertainty
Generation expansion
Maximum regret
Risk aversion

ASJC Scopus subject areas

Energy Engineering and Power Technology
Electrical and Electronic Engineering

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Mean-risk stochastic electricity generation expansion planning problems with demand uncertainties considering conditional-value-at-risk and maximum regret as risk measures. / Tekiner-Mogulkoc, Hatice; Coit, David W.; Felder, Frank A.

In: International Journal of Electrical Power and Energy Systems, Vol. 73, 01.12.2015, p. 309-317.

Research output: Contribution to journal › Article › peer-review

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