A Monte Carlo based decision-support tool for assessing generation portfolios in future carbon constrained electricity industries

► Present a decision support tool to assist generation investment and policy making under uncertainty. ► Generation portfolios are assessed based on their expected costs, risks, and CO2 emissions. ► There is tradeoff among expected cost, risks, and CO2 emissions of generation portfolios. ► Investment challenges include economic impact of uncertainties and the effect of price elasticity. ► CO2 emissions reduction depends on the mix of generation technologies within the portfolio.