Coordinated Investment in Transmission and Storage Systems Representing Long- and Short-Term Uncertainty

In this paper, the coordinated investment in transmission and storage systems under uncertainty is addressed from the perspective of a central planner. The problem is formulated with the objective of achieving an effective expansion of both transmission and storage that minimizes the investment cost, while achieving an effective operation of a power system with high penetration of renewable power. The problem is stated within an adaptive robust optimization framework that incorporates stochastic modeling. Future available generation capacity and peak load in the target year (long-term uncertainty) are modeled using a robust set, while daily operating conditions (short-term uncertainty) are represented with a scenario set. The expansion tradeoff between transmission and storage systems is analyzed using the IEEE RTS 24-bus and IEEE 118-bus networks.