Economic Dispatch of Power Systems using Spatio-temporal Kriging-based Wind Forecasts

In this paper, spatio-temporal wind forecasts based on the Kriging theory principle are incorporated into the power systems economic dispatch model. The proposed mathematical formulation takes into account both spatial and temporal wind power correlations. As a result, overall cost-effective dispatch of system-wide wind energy is achieved. Lower system-wide generation costs are one of the possible economic benefits. We demonstrate how, compared to a deterministic model, using spatio-temporal wind forecasts can reduce overall generation costs. The dispatch model is evaluated on a modified IEEE 24-bus system and implemented using Julia programming.