Developing a Model to Simulate Least Economic Cost Evaluation of Transmission Expansion Investment

Transmission planning can broadly be categorized into deterministic and probabilistic reliability planning. The probabilistic approach is often preferred as it aims to reduce transmission supply costs, by sharing risk between the customer and the utility. This is done by determining the least economic cost (LEC) between the customer interruption cost (CIC) and capital investment required to improve the network reliability. However performing a LEC evaluation requires substantially more variables than deterministic evaluation