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Investments in electricity transmission and generation capacity must be made despite significant uncertainty about the future developments. The sources of this uncertainty include, among others, the future levels and spatiotemporal distribution of electricity demand, fuel costs and future energy policy. In recent years, these uncertainties have increased due to the ongoing evolution of supply- and demand-side technologies and rapid policy changes designed to encourage a transition to low-carbon energy systems. Because transmission and generation investments have long lead times and are difficult to reverse, they are subject to a considerable – and arguably growing – amount of risk.