Wind Energy and Pumped Hydro Storage Integrated Power System Risk Analysis using VaR and CVaR

Due to the environment friendly behavior, wind energy is widely used for fulfilling the current increasing demand of electricity. With this scenario, appropriate corrective action needs to be taken; otherwise system may be in risk condition. This paper presents the analysis of economic risk of a wind power and pumped hydro storage (PHS) integrated power system. Conditional value at risk (CVaR) and value at risk (VaR) with different confidence level such as 95% and 99% are considered as risk assessment tool. Based on the MVA flow of the line obtaining from OPF solution, VaR and CVaR are calculated in this paper. Sequential quadratic programming (SQP) is used for OPF solution. The modified IEEE-30 bus system along with 24 hour load scaling factor is considered for result analysis purpose. Artificial bee colony (ABC) algorithm is used to validate the results obtained from SQP approach.