NDLI: Transmission Expansion Planning under Uncertainty: An Approach based on Real Option and Game Theory against Nature

Content Provider	IEEE Xplore Digital Library
Author	Lopez, S. Aguilera, A. Blanco, G.
Copyright Year	2003
Abstract	Generally, transmission networks are not adapted to the new paradigms of the emerging power markets; therefore, transmission lines often operate under significant congestion levels. These issues are even more increased in power systems with high levels of demand growth, where usually even larger grid reinforcements are required. In addition, the technical and economic feasibilities of expansion alternatives are affected by the major uncertainties of the emerging economies. Consequently, this paper proposes a transmission system expansion approach focused on analysis and management of the risks which impact on the assessment of transmission investments. In this context, the valuations of transmission investments under random uncertainties are performed in terms of the social welfare, by designing risk management strategies based on real option concepts. Finally, non-random uncertainties are analyzed by criteria based on game theory against nature, in order to assess the robustness of a given expansion alternative under unforeseen scenarios. The approach is illustrated by a real application to the transmission system.
Starting Page	566
Ending Page	571
Page Count	6
File Size	575191
File Format	PDF
ISSN	15480992
Volume Number	11
Issue Number	1
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-02-01
Publisher Place	U.S.A.
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Robustness Virtual private networks Monte Carlo methods Uncertainty Planning Game theory Power systems Flexibility Game Theory against nature Monte Carlo Simulation Real Options
Content Type	Text
Resource Type	Article
Subject	Computer Science Electrical and Electronic Engineering

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