| Summary: | As the penetration of renewable energy continues to grow, power system expansion planning needs new techniques to balance the cost to achieve high renewable targets while maintaining a certain level of flexibility and reliability in the presence of uncertainties. Firstly, this paper presents a long-term stochastic co-optimization planning model, for minimizing the total investment cost and operation cost. A linearized AC power flow model which could accurately retain bus voltages, reactive power and network losses is implemented to better accommodate renewable generation. Besides generating units and transmission lines, capacitor banks and static Var compensators are included as reactive compensation equipment. Furthermore, the proposed model also includes probabilistic reliability criterion LOLE, which is incorporated as constraints to derive reliable and economic co-planning decisions. Then the proposed model is reformulated as a mixed-integer second order cone programming problem which could be readily solved by off-the-shelf commercial solvers. Finally, numerical case studies illustrate the effectiveness of the proposed reliability-constrained co-optimization planning approach considering uncertainties.
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