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This work presents a methodology to incorporate reliability constraints inthe optimal power systems expansion planning problem. Besides LOLP and EPNS,traditionally used in power systems, this work proposes the use of the riskmeasures VaR (Value-at-Risk) and CVaR (Conditional Value-at-Risk), widely usedin financial markets. The explicit consideration of reliability constraints inthe planning problem can be an extremely hard task and, in order to minimizecomputational effort, this work applies the Benders decomposition techniquesplitting the expansion planning problem into an investment problem and twosub-problems to evaluate the system's operation cost and the reliability index.The operation sub-problem is solved by Stochastic Dual Dynamic Programming(SDDP) and the reliability sub-problem by Monte Carlo simulation. The proposedmethodology is applied to the real problem of optimal expansion planning of theBolivian power system.

Reliability-Constrained Power System Expansion Planning: A Stochastic Risk-Averse Optimization Approach