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Author Munoz, F.D.; van der Weijde, A.H.; Hobbs, B.F.; Watson, J.P. pdf  doi
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  Title Does risk aversion affect transmission and generation planning? A Western North America case study Type Journal Article
  Year 2017 Publication Energy Economics Abbreviated Journal Energy Econ.  
  Volume 64 Issue Pages 213-225  
  Keywords Risk aversion; Stochastic programming; Transmission and generation planning; Investment  
  Abstract We investigate the effects of risk aversion on optimal transmission and generation expansion planning in a competitive and complete market. To do so, we formulate a stochastic model that minimizes a weighted average of expected transmission and generation costs and their conditional value at risk (CVaR). We show that the solution of this optimization problem is equivalent to the solution of a perfectly competitive risk averse Stackelberg equilibrium, in which a risk-averse transmission planner maximizes welfare after which risk-averse generators maximize profits. This model is then applied to a 240-bus representation of the Western Electricity Coordinating Council, in which we examine the impact of risk aversion on levels and spatial patterns of generation and transmission investment. Although the impact of risk aversion remains small at an aggregate level, state-level impacts on generation and transmission investment can be significant, which emphasizes the importance of explicit consideration of risk aversion in planning models. (C) 2017 Elsevier B.V. All rights reserved.  
  Address [Munoz, Francisco D.] Univ Adolfo Ibanez, Fac Ingn & Ciencias, Diagonal Las Torres 2640, Santiago, Chile, Email: fdmunoz@uai.cl  
  Corporate Author Thesis  
  Publisher Elsevier Science Bv Place of Publication Editor  
  Language English Summary Language Original Title  
  Series Editor Series Title Abbreviated Series Title  
  Series Volume Series Issue Edition  
  ISSN 0140-9883 ISBN Medium  
  Area Expedition Conference  
  Notes (up) WOS:000404704900020 Approved no  
  Call Number UAI @ eduardo.moreno @ Serial 746  
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