Stochastic multiple objective electric Generation Expansion Planning

The Generation Expansion Planning (GEP) problem applies to the expansion of the electricity generation network with new power plant investments. It is a multi-objective optimization problem where the level of uncertainty is very high because of its spatial dimensions and time scale. Therefore, it becomes necessary to introduce in the decision making process a systematic treatment of uncertainty to select the set of non-dominated solutions for the Pareto optimal set. In this paper, we will investigate probabilistic Pareto optimality where the probability that one expectedly non-dominated solution dominates another expectedly non-dominated solution in the Pareto optimal set is calculated.