Probabilistic multi-objective transmission investment and expansion planning.

In market-based planning studies, the financial aspects of transmission grids have been posed as a major challenge since these are important keys to provide a non-discriminative and competitive environment for energy market participants. In this respect, this paper proposes a probabilistic multi-objective transmission expansion planning algorithm considering private investors' preferences, technical concerns, and random nature of power system uncertainties. The combination of Non-Dominated Sorting Genetic Algorithm II, as a widely-used robust multi-objective optimization technique, and point estimation method is employed to handle non-commensurable probabilistic objective functions. The IEEE Reliability Test System is taken into consideration as the test system to verify and address the different aspects of the proposed method. Copyright © 2014 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]