Economic Dispatch Problem based on Risk-Seeking IGDT approach

Integration of renewable generation is a present operational challenge for power systems. Essential grid operations, such as economic power dispatch (ED), are affected by the uncertainty of renewable sources. Therefore, this study proposes an economic dispatch model considering renewable generation uncertainty. The model considers the Information Gap Decision Theory (IGDT) framework to incorporate uncertainty into the ED formulation. For this purpose, a multiobjective risk-seeking IGDT model is developed, allowing the operator to assess uncertainty-associated risks. The IGDT model is subsequently validated using a modified IEEE 24-bus test system. It is observed that the IGDT proposal achieves operational savings and integrates renewable generation adequately. Finally, the numerical results indicate that the proposed IGDT framework can assist operators in making decisions based on achieving a target cost for a given level of uncertainty.