Comprehensive decoupled risk-limiting dispatch

Risk-limiting dispatch (RLD) is a promising approach to deal with the increasing uncertainty in both supply side and demand side of power systems. However, the conventional RLD has two drawbacks: i) it is difficult to set the value of acceptable risk level; ii) it has limitations to address the scenario with more realistic but non-Gaussian and heavy-tailed renewable output forecasting errors. To resolve these drawbacks, a conceptual framework of comprehensive decoupled risk-limiting dispatch (CDRLD) is proposed in this paper. We consider the severity level and the probability level of operating risk in a unified framework. The acceptable probability level which corresponds to the loss of load probability (LOLP) is extended to an interval number, while the acceptable severity level is consistent with the expected demand not supplied (EDNS). The whole dispatch problem is solved in a decoupling scheme, in which the severity level of operating risk is guaranteed through the severity feasibility check. Numerical simulations indicate the effectiveness of the proposed CDRLD for enhancing the economic benefits without loss of operating reliability.