Regional models for long term power system planning

This paper evaluates the development of three decision support models for long-term investment planning in restructured power systems. The model concept addresses the changing conditions for the electric power industry, with the introduction of more competitive markets, higher uncertainty and less centralised planning. Under these circumstances there is an emerging need for new planning models; new tools for the analysis of power system with a long-term perspective. Using a Norwegian case study, this paper demonstrates how dynamic and stochastic modeling can contribute to the improvement of decision making in a restructured power industry. The models offer the added advantage to individual participants in the power system to evaluate investment projects for new power generation capacity. The models can also serve as a decision support tool on a regulatory level, providing analyses of the long-term performance of the power system under different regulations and market designs