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Optimal economic dispatch model based on risk management for wind-integrated power system

Content Provider	IET Digital Library
Author	Wu, Junli Zhang, Buhan Wang, Ke Shao, Jian Yao, Jianguo Zeng, Dan Ge, Tengyu
Abstract	In recent years, the proportion of wind power capacity is increased dramatically for carbon emissions reduction in several countries. However, wind power generation cannot be dispatched as conventional thermal power generation because of its randomness and intermittency. To deal with the increased uncertainty, a probabilistic model is established to analyse the uncertainty of wind power and load. Conditional value at risk index is applied to assess risk including the loss of load and ‘spilling’ wind energy associated with unpredictable imbalances between generation and load. The cost–risk model is proposed by minimising the operation cost and risk in optimal economic dispatch problem. The study uses multiple objective particle swarm optimisation to solve the model and obtain the Pareto-optimal solutions, which can reflect the relationship between risk and cost. The optimal solution can be determined in Pareto-optimal set by risk management method based on analysis of the risk marginal cost. The model and methods are tested on the IEEE 30-bus power system. The results demonstrate the proposed method can control the cost and risk in effective way.
Starting Page	2152
Ending Page	2158
Page Count	7
ISSN	17518687
Volume Number	9
e-ISSN	17518695
Issue Number	Issue 15, Nov (2015)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/9/15
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2015.0209
Journal	IET Generation, Transmission & Distribution
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Air Pollution Control Carbon Emissions Reduction Cost-risk Model IEEE 30-bus Power System Multiple Objective Particle Swarm Optimisation Optimal Economic Dispatch Model Optimisation Technique Pareto-optimal Solutions Particle Swarm Optimisation Pollution Detection And Control Power Generation Dispatch Power System Economics Power System Managemen Power System Operation Probabilistic Model Probability Risk Management Risk Management Method Statistics Thermal Power Generation Wind Power Wind Power Generation Wind Power Plant Wind-integrated Power System
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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