Multi‐objective multi‐stage transmission network expansion planning considering life cycle cost and risk value under uncertainties

SUMMARY Compared with traditional transmission network expansion planning, the exact life cycle cost is worth further studying. A three-dimensional life cycle cost (LCC) model for entire transmission network which consists of time dimension, component dimension and cost dimension is proposed. The device layer, the system layer and the cost of externalities of cost dimension are described and formulated in detail. The conditional value at risk (CVaR) of social welfare is established through optimal power flow calculation so as to take social responsibility into consideration. The multi-objective multi-stage transmission network expansion planning model is constituted with two objectives which are minimum LCC and minimum CVaR of social welfare. Four uncertain factors including wind power are considered and simulated through Monte Carlo method. An effective normal boundary intersection algorithm integrated with improved niche genetic method is presented to solve the proposed model. The case studies carried out on the 18-bus system and 77-bus system not only generate even distributed pareto set but also recommend the optimal planning scheme. The comparisons between the proposed scheme and existing method verify the feasibility and validity. Copyright © 2012 John Wiley & Sons, Ltd.