A long-term multiobjective model for the power generation expansion planning of electric systems is described and evaluated in this paper. The model optimizes simultaneously multiple objectives (i.e., minimizes costs, environmental impact, imported fuel and fuel price risks) and decides the location of the planned generation units in a multiperiod planning horizon.Among the attributes considered in the model are the investment and operation cost of the units, the environmental impact, the amount of imported fuel, and the portfolio investment risk. The approach to solve this problem is based on multiobjective linear programming and the analytical hierarchy process.Acase study fromthe Mexican ElectricPower System is used to illustrate the proposed framework.