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Planning electricity transmission to accommodate renewables : using two-stage programming to evaluate flexibility and the cost of disregarding uncertainty

Weijde, Adriaan Hendrik van der; Hobbs, Benjamin Field - 2011

, the costs of ignoring uncertainty, and the value of flexibility. Our results show that ignoring risk has quantifiable … traditional deterministic planning methods. Furthermore, the best plan under a risk-neutral criterion can differ from the best … under risk-aversion. …