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This study presents a review of the state-of-the-art on the coordination of generation and transmission expansion planning. First, the authors present the different investment and operation modelling approaches, with an emphasis on the centralised co-optimisation problem. Second, a comprehensive review of co-planning hierarchical equilibrium models, under a market environment, is carried out. The authors categorise the distinctive market approaches that usually represent the lower level of co-planning problems. They offer an updated and detailed classification of multilevel equilibrium models, based on their hierarchical and regulatory structure versus their equivalent reduced structure. Finally, the authors identify research gaps in the literature of each one of the mentioned model categories. [ABSTRACT FROM AUTHOR]

Renewable generation technologies are expected to reach unprecedented penetration levels in a number of electric power systems. The increased deployment of these renewable technologies is changing the unit commitment of the rest of generation facilities, increasing the need for cycling. As a result, operation‐related issues and their costs become more relevant for an adequate analysis of generation expansion problems. In this study, the authors propose a generation expansion model including an oligopolistic market representation based on an equilibrium approach. It introduces key operation‐related constraints, such as minimum stable output, start‐ups and shut‐downs; and short‐term operating costs, such as commitment, start‐up and shut‐down costs. The proposed model furthermore considers the discrete nature of capacity investment decisions. The authors also propose a heuristic method for solving the arising equilibrium problem, by providing an efficient starting point to the diagonalisation process. This heuristic can lead to reductions of up to 90% in computational time. Finally, case studies are presented in order to illustrate the importance of considering both operational details and a market framework when making generation expansion planning decisions. [ABSTRACT FROM AUTHOR]