Evaluating Risk Management Strategies in Resource Planning

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50 Scopus citations


This paper discusses the evaluation of risk management strategies as a part of integrated resource planning. Value- and scope-related uncertainties can be addressed during the process of planning, but uncertainties in the operating environment require technical analysis within planning models. Flexibility and robustness are two key classes of strategies for managing the risk posed by these uncertainties. This paper reviews standard capacity expansion planning models and shows that they are poorly equipped to compare risk management strategies. Those that acknowledge uncertainty are better at evaluating robustness than flexibility, which implies a bias against flexible options. Techniques are available to overcome this bias.

Original languageEnglish (US)
Pages (from-to)420-426
Number of pages7
JournalIEEE Transactions on Power Systems
Issue number1
StatePublished - Feb 1995
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering


  • Economics planning models integrated resource planning
  • uncertainty risk


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