Decomposition‐based approach to risk‐averse transmission expansion planning considering wind power integration.

The increasing penetration of wind power (WP) and demand response (DR) programs into modern power systems poses more challenges on transmission expansion planning (TEP). To ensure the economical, secure and reliable operations of power systems, this study presents a risk‐averse TEP framework. Instead of using the deterministic security criterion, an insecurity risk cost (RC) is proposed to provide network planners with the insight into the problem, options and future implications in decision making. Specifically, this RC can quantify the system security degree, considering the probability and the severity of contingencies. Meanwhile, the economic value of DR is modelled and incorporated into the optimal operation solutions. Moreover, to enhance the computational efficiency, an iterative solution algorithm based on the Benders decomposition is developed to solve the formulated TEP problem. The proposed approach is numerically verified on the Garver's 6‐bus, IEEE 24‐bus RTS, and 2383‐bus polish systems. Case study results demonstrate that the proposed approach can effectively investigate the impacts of large‐scale integration of WP and DR on system operations and planning. Moreover, the proposed risk‐averse approach is economically efficient and more robust to stochastic variations. [ABSTRACT FROM AUTHOR]