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Planning criteria are the basis of transmission planning. These criteria implicitly embody resolve conflicting objectives (e.g., cost vs. reliability). Quantitative methods are used to set criteria by resolving conflicting objectives. Once criteria are set, they must be applied under uncertainty in future demand, generation, etc. Transmission plans are evaluated for hundreds of possible futures. Risk analysis measures robustness, exposure, and regret. Non-financial hedges can reduce risk. These risk concepts have a rich history but are rarely applied in transmission planning. Developing criteria, and applying them under uncertainty, are illustrated by a recent planning study for Peru.