Tradeoff Between Risk and Cost in Economic Dispatch Including Wind Power Penetration Using Particle Swarm Optimization

A significant amount of attention has been paid to the renewable energy resources such as wind power in recent years. It has potential benefits in curbing emissions and reducing the consumption of irreplaceable fuel reserves. However, the penetration of wind power into traditional fuel- based generation systems will also cause some implications such as security concerns due to its unpredictable nature. Thus, in economic power dispatch with power penetration, a reasonable tradeoff between system risk and operational cost is desired. In this paper, a bi-objective economic dispatch problem considering wind penetration is formulated, which treats economic and security impacts as conflicting objectives. A modified multi-objective particle swarm optimization (MOPSO) algorithm is adopted to develop a power dispatch scheme which is able to achieve the compromise between economic and security requirements. The numerical simulations including sensitivity analysis are carried out based on a typical IEEE test power system to show the validity and applicability of the proposed approach.