Production Costing and Reliability Assessment of Electrical Power Generation Systems under Supply and Demand Uncertainty

The demand for power has constantly increased over the years. To meet this increasing demand, vast amounts of capital are needed to build generation facilities (power plants) as well as transmission and distribution networks.The amount of investment to meet future demand is expected to be even higher because of the introduction of newer and more expensive technology, higher degrees of automation, and a tendency to switch to larger-sized units.The capacity expansion problem in the power field is basically composed of the following major aspects.