Least cost planning

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Least cost planning

(integrated resource planning) a method of power planning that recognises load uncertainty, embodies an emphasis on risk management, and reviews all available and reliable resources to meet future loads. It takes into consideration all costs of a resource, including capital, labour, fuel, maintenance, decommissioning, known environmental impacts, and the difficulty in quantifying the consequences of selecting one resource over another. Least cost planning seeks to minimise total energy costs.