Risk-Sensitive Security-Constrained Economic Dispatch via Critical Region Exploration

We propose a risk-sensitive security constrained economic dispatch (R-SCED) problem that allows a system operator to systematically tradeoff between the cost of power procurement and the reliability of power delivery in the event of a contingency. Our formulation includes a parameterized conditional value at risk (CVaR) of the cost across contingencies and allows for redispatch of generators and load shedding. Finally, we propose the critical region exploration (CRE) algorithm to solve R-SCED, and discuss its performance on the IEEE 30-bus test system.