A multi-stage generation expansion planning model which incorporates unit commitment constraints is proposed.
A Dantzig–Wolfe decomposition together with a column generation approach is developed to overcome intractability.
Computational results for small and large size cases confirm the benefits of the method.
An optimal expansion of the generation mix of a realistic power system in Chile for 2012–2030 is determined.
The importance of considering short term constraints in long term generation planning is highlighted.