Coordinated GEP and TEP Approach with Correlated Generation and Load

Increasing penetration renewable technologies have introduced intermittency into the system which impacts optimal expansion planning decisions. However, their effects of correlation are still not being considered which can benefit for reduced expansion cost. This paper proposes correlation of load and generation uncertainties, for developing a stochastic coordinated generation and transmission expansion planning framework. System uncertainties are modeled with probability distribution functions, and random scenarios are generated using Monte Carlo simulation. Cholesky Decomposition is used to reflect correlation among these random scenarios, to offer new scenarios with correlated uncertain parameters. These scenarios are integrated in the coordinated planning problem. Case studies on small and large systems, with different correlation considerations, provide an insight for effects of correlation on investment strategies.