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Strategic Generation Expansion Planning Using the Modified Benders Decomposition

This paper proposes a mathematical model for solving the generation expansion problem of multiple Gencos. The model is developed assuming a simultaneous-move game between Gencos. Each Genco maximizes his total profit of selling the electricity to the market minus the investment cost of new generating units given the investment decisions of rival Gencos. We assume one market operator who dispatches the generators in the system. This problem is formulated as a mixed-integer linear program (MILP) using the Nash equilibrium and the strong duality theorem. To solve the proposed MILP, a modified Benders decomposition algorithm is implemented. The numerical results are carried on the 2-bus and 12-bus networks and the results show the effectiveness of the model and the solution algorithm.