Vector ordinal optimization based multi-objective transmission planning

The deregulation of the power industry has resulted in a restructured industry. The integrated power industry has been separated into generation companies, transmission company and distribution companies. Each individual market participant has its own goal of maximizing its profit in power system planning and power system operation. In this paper, the vector ordinal optimization (VOO) theory was applied to solve the multi-objective transmission expansion planning (TEP) problems. The weight-summation of multiple objectives was considered as a single objective. In order to reflect the interests of different market participants and the social benefit, the authors used the Transmission Economic Assessment Methodology (TEAM) to formulate the multi-objective TEP. The VOO solution algorithm was presented and tested based on the TEAM model. Numerical examples were presented to test the proposed VOO based solution algorithm. The 4 indices of the transmission economic assessment methodology were used as the 4 objectives for transmission planning. VOO uses crude models to estimate the indices of the TEAM base multi-objective optimization problem to determine a select subset of schemes to simulate and find solutions which have been termed as good enough. The calculation burden was reduced significantly by using this method. Test results on the modified IEEE 14-bus system show that the VOO is efficient and practical for solving multi-objective TEP problems. The test results show that the proposed VOO approach can find good enough solutions in a short time with less computational burden. 11 refs., 5 tabs., 3 figs., 1 appendix.