Chance-constrained generation expansion planning based on iterative risk allocation

This paper deals with the development of an efficient iterative method to solve the chance-constrained generation expansion planning (GEP) problem. Reliability in an economic manner is the main criterion when addressing GEP. The algorithm proposed here minimizes the cost of achieving the required reliability. Computational results based on the IEEE 30- and 118-bus test systems are presented. The proposed method decreases the cost in comparison to existing methods for the same reliability level.