Risk Reserve Constrained Economic Dispatch Model with Wind Power Penetration

Abstract: This paper develops a modified economic dispatch (ED) optimization model with wind power penetration. Due to the uncertain nature of wind speed, both overestimation and underestimation of the available wind power are compensated using the up and down spinning reserves. In order to determine both of these two reserve demands, the risk-based up and down spinning reserve constraints are presented considering not only the uncertainty of available wind power, but also the load forecast error and generator outage rates. The predictor-corrector primal-dual interior point (IP) method is utilized to solve the proposed ED model. Simulation results of a system with ten conventional generators and one wind farm demonstrate the effectiveness of the proposed method.