In view of the uncertainty and intermittency of wind power, this paper proposes an optimal economical dispatch (ED) model and develops a method to estimate risk and manage hybrid power systems (traditional + wind power systems) for the short-term (24 h) operations. The model and the method have taken into account the large wind power penetration and the wind variability. The particle swarm optimization (PSO) algorithm with constraints is applied to solve the ED problem. Value at risk (VaR) and integrated risk management (IRM) are used separately to assess the risk, so that an optimal tradeoff between the profit and risk is made for the system operations. The model and the method are tested on the standard IEEE 30-bus power system and network in Shanghai. The validity of the model and the method has been approved.