Development of a multiattribute value function for long-range electrical generation expansion

Abstract

Employs and demonstrates a multiattribute value (MAV) measurement technique due to Keeney and Raiffa (1976) to identify a MAV function for generation expansion planning, containing attributes of: (1) the loss of peak load probability for each time period (e.g., one year) of the planning horizon for a proposed generation system, and (2) the total discounted capital and operating costs over a planning horizon for a proposed generation system. This MAV function is developed through interaction with planning department personnel (decision maker) of a midwestern electric utility company.