Review on generation and transmission expansion co‐planning models under a market environment

This study presents a review of the state‐of‐the‐art on the coordination of generation and transmission expansion planning. First, the authors present the different investment and operation modelling approaches, with an emphasis on the centralised co‐optimisation problem. Second, a comprehensive review of co‐planning hierarchical equilibrium models, under a market environment, is carried out. The authors categorise the distinctive market approaches that usually represent the lower level of co‐planning problems. They offer an updated and detailed classification of multilevel equilibrium models, based on their hierarchical and regulatory structure versus their equivalent reduced structure. Finally, the authors identify research gaps in the literature of each one of the mentioned model categories.