Multi-Objective Value-Based Reliability Transmission Planning using Expected interruption COST due to transmission constraint

Value-based reliability analysis needs to be addressed in transmission expansion planning in a competitive environment. This paper presents a new Value-Based Reliability Transmission Planning (VBRTP) process using a Multi-Objective Transmission Expansion Planning (MOTEP) approach. A so called Expected interruption COST due to transmission constraint (ECOST_TS) is proposed to measure, more accurately, the reliability benefits rendered by line addition to transmission system. The proposed Multi-Objective Value-Based Reliability Transmission Planning (MO-VBRTP) model optimizes three objectives simultaneously, namely the investment cost, ECOST_TS and the generation cost of the system. In order to solve this model, a new hybrid method combined of Non-dominated Sorting Genetic Algorithm-II (NSGA-II) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) is used. The effectiveness of the model, the reliability criteria, and the proposed hybrid method is tested on a modified IEEE five-machine 14-bus system.