Risk-averse multi-objective optimal combined heat and power planning considering voltage security constraints.

In this paper, a comprehensive model is proposed for long-term planning of various combined heat and power units in an integrated heat and electricity network. The proposed model takes into account the uncertain electric loads, and market price applying the information gap decision theory. Furthermore, the security of the power grid from the voltage stability viewpoint utilizing the L-index approach is considered. The model is based on the risk-averse multi-objective combined heat and power planning methodology, which maximizes the profit of combined heat and power owners and minimizes the system operator costs over the planning horizon in the presence of the environmental emissions cost. The best compromise solution is achieved via a fuzzy logic-based min-max method. The risk-averse strategy of Information gap decision theory is applied to the obtained solution, which demonstrates the impact of data uncertainty. The proposed mixed-integer non-linear programming model is solved using the general algebraic modeling system package and tested on the IEEE 14-bus standard system. The results indicate that the risk-averse strategy improves the robustness of the network against the uncertainty. Also solving the model using the multi-objective framework gives comprehensive results, and shows that the voltage stability constraints affect the planning decisions. • Presenting a comprehensive model for long-term planning of various combined heat and power units. • Investigating the uncertainty of electric loads, and market price using information gap decision theory. • Modeling the long-term security of the power grid from the voltage stability viewpoint. • Introducing a risk-averse multi-objective planning model. • Considering the environmental objectives in the combined heat and power investment. [ABSTRACT FROM AUTHOR]