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Open AccessArticle

Long-Term Decision on Wind Investment with Considering Different Load Ranges of Power Plant for Sustainable Electricity Energy Market

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Bradley Department of Electrical and Computer Engineering, Virginia Tech, Northern Virginia Center, Falls Church, VA 24043, USA
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Department of Physics and Electrical Engineering, Faculty of Engineering and Environment, Northumbria University Newcastle, Newcastle upon Tyne NE18ST, UK
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Department of Electrical Engineering, Lahijan Branch, Islamic Azad University, Lahijan 4416939515, Iran
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Department of Electrical & Electronics Engineering, Faculty of Engineering and Technology, University of Ilorin, P.M.B. 1515, Ilorin 240003, Nigeria
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Centre for Aerospace Science and Technologies—Department of Electromechanical Engineering, University of Beira Interior, 6201-001 Covilhã, Portugal
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DEGEIT—Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, 3810-193 Aveiro, Portugal
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GOVCOPP—Research Unit on Governance, Competitiveness and Public Policies, University of Aveiro, 3810-193 Aveiro, Portugal
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Department of Electrical Engineering and Automation, Aalto University, 02150 Espoo, Finland
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Author to whom correspondence should be addressed.
Sustainability 2018, 10(10), 3811; https://doi.org/10.3390/su10103811
Received: 23 September 2018 / Revised: 10 October 2018 / Accepted: 15 October 2018 / Published: 22 October 2018
(This article belongs to the Special Issue Sustainable Energy Systems: From Primary to End-Use)
The aim of this paper is to provide a bi-level model for the expansion planning on wind investment while considering different load ranges of power plants in power systems at a multi-stage horizon. Different technologies include base load units, such as thermal and water units, and peak load units such as gas turbine. In this model, subsidies are considered as a means to encourage investment in wind turbines. In order that the uncertainties related to demand and the wind turbine can be taken into consideration, these effects are modelled using a variety of scenarios. In addition, the load demand is characterized by a certain number of demand blocks. The first-level relates to the issue of investment in different load ranges of power plants with a view to maximizing the investment profit whilst the second level is related to the market-clearing where the priority is to maximize the social welfare benefits. The bi-level optimization problem is then converted to a dynamic stochastic mathematical algorithm with equilibrium constraint (MPEC) and represented as a mixed integer linear program (MILP) after linearization. The proposed framework is examined on a real transmission network. Simulation results confirm that the proposed framework can be a useful tool for analyzing the investments different load ranges of power plants on long-term strategic decision-making. View Full-Text
Keywords: capacity investment; market power; wind resources; dynamic planning; stochastic approach capacity investment; market power; wind resources; dynamic planning; stochastic approach
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MDPI and ACS Style

Valinejad, J.; Marzband, M.; Funsho Akorede, M.; D Elliott, I.; Godina, R.; Matias, J.C.O.; Pouresmaeil, E. Long-Term Decision on Wind Investment with Considering Different Load Ranges of Power Plant for Sustainable Electricity Energy Market. Sustainability 2018, 10, 3811.

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