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The authors develop a stochastic two-stage optimisation model that captures the multistage nature of electricity transmission planning under uncertainty and apply it to a stylised representation of the Great Britain (GB) network. In the model, a proactive transmission planner makes investment decisions in two time periods, each time followed by a market response. This model allows them to identify robust first-stage investments and estimate the value of information in transmission planning, the costs of ignoring uncertainty, and the value of flexibility.
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