STOCHASTIC ECONOMIC DISPATCH IN ELECTRICAL POWER SYSTEMS

The optimal load flow problem is to determine the allocation of electricity demand among the committed generating units to minimize the total operating costs subject to various physical and technological constraints. If only the real power generation is to be determined and the reactive power generation is assumed fixed, then the problem is known as the economic dispatch problem, It is extensively used in the real time management of electrical power systems. In the existing formulations of the economic dispatch problem, the electricity demands at nodes of the transmission network are treated as given, that is, the point estimates of demand values are used. In this paper, the electricity demand at each node is treated as a random variable with a given probability distribution function. This assumption leads to a stochastic programming model which consists of minimization of a convex objective function subject to upper and lower bounds on decision variables. The development of this model is presented in the...