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High voltage direct current (HVDC) transmission technology has become increasingly attractive to deregulated energy markets due to its salient characteristics in comparison with AC transmission. In particular, the precise, fast and flexible controllability of HVDC transmission power flow can greatly improve power grid reliability, utilization and efficiency. In the United States, transmission economic study is a mandatory part of transmission planning processes and energy market simulation programs are commonly used for asset utilization assessment, bottleneck identification, and benefit analysis for system expansions. To quantify the benefits of HVDC project in deregulated energy markets, the market simulation tools must be able to adequately represent HVDC operational characteristics, such as controllability and losses. In this paper, economic transmission planning study process involving HVDC project will be discussed.