Economic dispatch considering volatile wind power generation with lower-semi-deviation risk measure

Renewable and low carbon electricity resources have become increasingly popular all over the world. Traditional Economic Dispatch models generally only pursue the minimum of operation cost in a deterministic way, which cannot take the most essential features of these non-dispatchable electricity generations such as WPG (wind power generation). In order to take WPG's uncertainty into account, scenarios are generated where LHS (Latin hypercube sampling) method is adopted, and scenario reduction is applied to reduce the computational burden. Taking advantage of MLASD (mean lower-semi-absolute-deviation) model which can be transformed into simple format and reflects investors' downside loss aversion, the ED model proposed in this paper deals with the trade-off between expectation and risk of the total thermal units' operation cost. Numerical results show that the proposed model can well reflect the essential characteristics of economic dispatch with WPG, and the optimization problem can be solved with fast speed. The proposed model provides a new idea for economic dispatch considering volatile wind power and other kinds of renewable electricity resources.