Abstract:Abstract--Two-stage stochastic mixed-integer programming models are formulated for minimizing expected cost or Conditional Value-at-Risk (CVaR) of a long-term power generation expansion planning problem incorporating load duration curves. The multivariate stochastic processes, such as electricity demands and fuel prices, are modeled as geometric Brownian motion (GBM) processes. Scenario paths for their future evolution are generated by statistical extrapolation of long-term historical trends. The size of the s… Show more
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