334 2020 eng preprint 1 2020-10-05 -- -- Multi-modal distributed energy system planning is applied in the context of smart grids, industrial energy supply,and in the building energy sector. In real-world applications, these systems are commonly characterized by existing system structures of different age where monitoring and investment are conducted in a closed-loop, with the iterative possibility to invest. The literature contains two main approaches to approximate this computationally intensive multiperiod investment problem. The first approach simplifies the temporal decision-making process collapsing the multistage decision to a two-stage decision, considering uncertainty in the second stage decision variables. The second approach considers multi-period investments under the assumption of perfect foresight. In this work, we propose a multi-stage stochastic optimization problem that captures multi-period investment decisions under uncertainty and solves the problem to global optimality, serving as a first-best benchmark to the problem. To evaluate the performance of conventional approaches applied in a multi-year setup and to solve the multi-period problem at lower computational effort, we propose a rolling horizon heuristic that on the one hand reveals the performance of conventional approaches applied in a multi-period set-up and on the other hand enables planners to identify approximate solutions to the original multi-stage stochastic problem. Additionally, we consider an open-loop version of the rolling horizon algorithm to evaluate how single-period investments perform with respect to the entire scenario tree and compared to multi-period investments. We conduct a real-world case study and investigate solution quality as well as the computational performance of the proposed approaches. Our findings indicate that the approximation of multi-period investments by two-stage stochastic approaches yield the best results regarding constraint satisfaction, while deterministic multi-period approximations yield better economic and computational performance. Creative Commons - CC BY-NC-ND - Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International Markus Bohlayer Adrian Bürger Markus Fleschutz Marco Braun Gregor Zöttl Friedrich-Alexander-Universität Erlangen-Nürnberg B09 Karlsruhe University of Applied Sciences Cork Institute of Technology https://opus4.kobv.de/opus4-trr154/files/334/document.pdf