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Portfolio Optimization in Transmission Investment in Deregulated Market

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C. W. Lee; Simon K. K. Ng; J. Zhong
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Abstract:

Transmission expansion planning (TEP) has faced a significant change since the deregulation of power systems. In the past decade, transmission investment has slowed down ...Show More

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Abstract:

Transmission expansion planning (TEP) has faced a significant change since the deregulation of power systems. In the past decade, transmission investment has slowed down due to the increased conflicting objectives and uncertainties. In this paper, transmission investment is proposed to be open to public with merchant and regulated transmission investment pattern in either risk-free or risky investing environment. With the use of portfolio theory, risk in investing transmission expansion project is reduced. The proposed model makes merchant and regulated transmission investment be more attractive to both transmission company and public investors.
Published in: 2007 IEEE Power Engineering Society General Meeting
Date of Conference: 24-28 June 2007
Date Added to IEEE Xplore: 23 July 2007
ISBN Information:
Print ISSN: 1932-5517
DOI: 10.1109/PES.2007.385478
Conference Location: Tampa, FL, USA
Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
C. W. Lee received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.
C. W. Lee received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.View more
Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
Simon K. K. Ng received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.
Simon K. K. Ng received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.View more
Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
Jin Zhong (S'00, M'05) received the B. Sc. (Eng.) degree from Tsinghua University, China, in 1995 and the M. Sc. (Eng.) degree from the Electric Power Research Institute, Beijing, in 1998, and the Ph.D degree from Chalmers University of Technology, Gothenburg, Sweden, in 2003. She is an Assistant Professor in the Department of Electrical and Electronic Engineering at the University of Hong Kong.
Jin Zhong (S'00, M'05) received the B. Sc. (Eng.) degree from Tsinghua University, China, in 1995 and the M. Sc. (Eng.) degree from the Electric Power Research Institute, Beijing, in 1998, and the Ph.D degree from Chalmers University of Technology, Gothenburg, Sweden, in 2003. She is an Assistant Professor in the Department of Electrical and Electronic Engineering at the University of Hong Kong.View more
Contents

I. Introduction

SINCE deregulation has been introduced to many countries, competition between generation companies is initiated while transmission system remains monopoly. Traditionally, transmission expansion planning (TEP) is a least-cost planning. In deregulated market, TEP has to be changed so as to fulfill transmission companies' objectives, such as maximizing social welfare, minimizing electricity tariff and maximizing profit [1]. Generally speaking, TEP in deregulated market can be divided into two parts, transmission investment and transmission planning [2]. There are basically four transmission investment patterns: 1) public investment; 2) regulated private investment; 3) market-driven transmission investment; and 4) hybrid model of merchant and regulated transmission investment [2], [3].

Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
C. W. Lee received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.
C. W. Lee received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.View more
Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
Simon K. K. Ng received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.
Simon K. K. Ng received the B.E. (Hons.) degree in electrical engineering from the Department of Electrical and Electronic Engineering, The University of Hong Kong, Hong Kong, in 2005. He is currently a M.Phil candidate at the same institution. His main research interests are in power systems restructuring and planning.View more
Department of Electrical and Electronic Engineering, University of Hong Kong, Hong Kong, China
Jin Zhong (S'00, M'05) received the B. Sc. (Eng.) degree from Tsinghua University, China, in 1995 and the M. Sc. (Eng.) degree from the Electric Power Research Institute, Beijing, in 1998, and the Ph.D degree from Chalmers University of Technology, Gothenburg, Sweden, in 2003. She is an Assistant Professor in the Department of Electrical and Electronic Engineering at the University of Hong Kong.
Jin Zhong (S'00, M'05) received the B. Sc. (Eng.) degree from Tsinghua University, China, in 1995 and the M. Sc. (Eng.) degree from the Electric Power Research Institute, Beijing, in 1998, and the Ph.D degree from Chalmers University of Technology, Gothenburg, Sweden, in 2003. She is an Assistant Professor in the Department of Electrical and Electronic Engineering at the University of Hong Kong.View more
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