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Strategic Generation Investment in Energy Markets: A Multiparametric Programming Approach

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dc.contributor.authorTaheri, Sinaen
dc.contributor.authorKekatos, Vassilisen
dc.contributor.authorVeeramachaneni, Harshaen
dc.date.accessioned2022-02-18T05:46:05Zen
dc.date.available2022-02-18T05:46:05Zen
dc.date.issued2021en
dc.date.updated2022-02-18T05:46:02Zen
dc.description.abstractAn investor has to carefully select the location and size of new generation units it intends to build, since adding capacity in a market affects the profit from units this investor may already own. To capture this closed-loop characteristic, strategic investment (SI) of generation can be posed as a bilevel optimization. By analytically studying a small market, we first show that its objective function can be non-convex and discontinuous. Realizing that existing mixed-integer problem formulations become impractical for larger markets and number of instances, this work put forth two SI solvers: a grid search to handle setups where the candidate investment locations are few, and a stochastic gradient descent approach for otherwise. Both solvers leverage powerful results of multiparametric programming (MPP), each in a unique way. The grid search entails finding the primal/dual solutions for a large number of optimal power flow (OPF) problems, which nonetheless can be efficiently computed several at once thanks to the properties of MPP. The same properties facilitate the rapid calculation of gradients in a mini-batch fashion, thus accelerating the implementation of a stochastic (sub)-gradient descent search. Tests on the IEEE 30- and 118-bus systems using real-world data corroborate the advantages of the novel solvers.en
dc.description.versionAccepted versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1109/TPWRS.2021.3125624en
dc.identifier.orcidKekatos, Vasileios [0000-0003-1127-3285]en
dc.identifier.urihttp://hdl.handle.net/10919/108400en
dc.language.isoenen
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subject0906 Electrical and Electronic Engineeringen
dc.subjectEnergyen
dc.titleStrategic Generation Investment in Energy Markets: A Multiparametric Programming Approachen
dc.title.serialIEEE Transactions on Power Systemsen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
pubs.organisational-group/Virginia Techen
pubs.organisational-group/Virginia Tech/Engineeringen
pubs.organisational-group/Virginia Tech/Engineering/Electrical and Computer Engineeringen
pubs.organisational-group/Virginia Tech/All T&R Facultyen
pubs.organisational-group/Virginia Tech/Engineering/COE T&R Facultyen

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