The electric power source structure optimization based on capital investment efficiency
The power generation expansion planning (PGEP) problem is a large-scale mixed integer nonlinear programming (MINLP) problem cited as one of the most complex optimization problems. In this paper, an application of a new efficient methodology for solving the power generation expansion planning problem is presented. A comprehensive planning production simulation model is introduced toward formulating into an MINLP model. The model evaluates the most economical investment planning for additional thermal power generating units of the optimal mix for long-term power generation expansion planning with emission controls, regarding to the incorporated environmental costs, subject to the integrated requirements of power demands, power capacities, loss of load probability (LOLP) levels, locations, and environmental limitations for emission controls. A GA-heuristic-based method called GA-Benders’ decomposition (GA-BD) is proposed for solving this complex problem. Finally, an application of the proposed GA-BD method is discussed and concluded.