DocumentCode
1103260
Title
Least-cost planning: issues and methods
Author
Schweppe, Fred C. ; Merrill, Hyde M. ; Burke, William J.
Author_Institution
MIT, Cambridge, MA, USA
Volume
77
Issue
6
fYear
1989
fDate
6/1/1989 12:00:00 AM
Firstpage
899
Lastpage
907
Abstract
Electric utility least-cost planning is formulated in terms of supply- and demand-side options, irreducible uncertainties, and stakeholders´ objectives. Planning methods include constrained optimization, tradeoff analysis, and game theory. Constrained optimization is the traditional and still most popular approach. Tradeoff analysis, which seeks good compromises, seems most appropriate for today´s least-cost planning environment. It is suggested that game theory, which is particularly useful in a competitive and noncooperative environment, may play a role in least-cost planning
Keywords
electricity supply industry; optimisation; competitive environment; constrained optimization; demand-side options; game theory; irreducible uncertainties; issues; least-cost planning; methods; noncooperative environment; stakeholders´ objectives; supply side options; tradeoff analysis; Constraint optimization; Constraint theory; Costs; Energy resources; Fuels; Game theory; Helium; Power industry; Power system planning; Uncertainty;
fLanguage
English
Journal_Title
Proceedings of the IEEE
Publisher
ieee
ISSN
0018-9219
Type
jour
DOI
10.1109/5.29330
Filename
29330
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