Kamphol Promjiraprawat and Bundit Limmeechokchai

pp. 349 - 359

Abstract

In power generation expansion planning, electric utilities have encountered the major challenge of environmental
awareness whilst being concerned with budgetary burdens. The approach for selecting generating technologies should
depend on economic and environmental constraint as well as externalities. Thus, the multi-objective optimization becomes
a more attractive approach. This paper presents a hybrid framework of multi-objective optimization and multi-criteria decision
making to solve power generation expansion planning problems in Thailand. In this paper, CO₂
 emissions and external cost
are modeled as a multi-objective optimization problem. Then the analytic hierarchy process is utilized to determine the
compromised solution. For carbon capture and storage technology, CO₂
 emissions can be mitigated by 74.7% from the least
cost plan and leads to the reduction of the external cost of around 500 billion US dollars over the planning horizon. Results
indicate that the proposed approach provides optimum cost-related CO₂
 mitigation plan as well as external cost.