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This paper presents a novel flexible multistage AC/DC distribution system expansion planning model, where the flexible investment strategy is taken into account to address the long-term development uncertainty of load demand and DG. Uncertainty is modeled through a multistage scenario tree to capture the possible system states across the planning horizon. As uncertain information revealed gradually over the planning horizon, the planning decisions at each stage are made sequentially within limited disposable reservation funds (RFs). The overall problem is formulated as a mixed-integer linear programming model that guarantees the convergence to optimality by using commercially available software. We compare the total costs of the optimal planning solutions within different proportions of RFs and analyze the flexibility value of RFs for long-term planning problems. In addition, the impact of RFs on the adjustment ability of the plans and the investment risks under uncertainty are evaluated. Case studies are carried out on an AC/DC hybrid system to validate the effectiveness of the proposed model to constitute flexible options when facing long-term uncertainty. The obtained results show the importance of reserving a suitable proportion of RFs in the planning stage, which has a significant influence on the adaptability of the planning solution to uncertain factors.

AC/DC Hybrid Distribution System Expansion Planning Under Long-Term Uncertainty Considering Flexible Investment