Risk-averse Robust Interval Economic Dispatch for Power Systems with Large-scale Wind Power Integration

This paper presents a robust interval economic dispatch (RIED) model for power systems with large-scale wind power integration. Differing from existing interval optimization (IO) approaches that merely rely on the upper and lower boundaries of random variables, the distribution information retained in the historical data is introduced to the IO method in this paper. Based on the available probability distribution function (PDF), wind power curtailment and load shedding are quantified as the operational risk and incorporated into the decision-making process. In this model, we need not rely on the forecasted value of wind power, which is randomly fluctuating and quite unpredictable. Furthermore, when the PDFs of wind power are taken into account, the resulting dispatch solution makes a good tradeoff between the generation cost and the operational risk. Finally, the RIED model yields an optimal dispatch solution for thermal units and the allowable intervals of wind power for the wind farms, which efficiently mitigates the uncertainty in wind power generation and provides more practical suggestions for system operators. Simulation studies are conducted on a modified IEEE-118 bus system and the results verify the effectiveness of the proposed RIED model.