Incorporating a multi-criteria decision procedure into the combined dynamic programming/production simulation algorithm for generation expansion planning

A multiobjective optimization approach to generation expansion planning is presented. The approach is obtained by adding a new multicriteria decision (MCD) procedure to the conventional algorithm which combines dynamic programming with a production simulation method. The MCD procedure can help decision-makers weigh the relative importance of multiple attributes associated with the decision alternatives and find the near-best compromise solution efficiently at each optimization step of the conventional algorithm. Practical applications of the approach to evaluating the feasibility of the fourth nuclear power plant of Taiwan is presented, demonstrating its effectiveness and limitations