Risk and Cost Tradeoff in Economic Dispatch Including Wind Power Penetration Based on Multi-Objective Memetic Particle Swarm Optimization

Utilization of renewable energy resources such as wind energy for electric power generation has assumed great significance in recent years. Wind power is a source of clean energy and is able to spur the reductions of both consumption of depleting fuel reserves and emissions of pollutants. However, since the availability of wind power is highly dependent on the weather conditions, the penetration of wind power into traditional utility grids may incur certain security implications. Therefore, in economic power dispatch including wind power penetration, a reasonable tradeoff between system risk and operational cost is desired. In this chapter, a bi-objective economic dispatch problem considering wind penetration is first formulated, which treats operational costs and security impacts as conflicting objectives. Different fuzzy membership functions are used to reflect the dispatcher’s attitude toward the wind power penetration. A multi-objective memetic particle swarm optimization (MOMPSO) algorithm is adopted to develop a power dispatch scheme which is able to achieve compromise between economic and security requirements. Numerical simulations including comparative studies are reported based on a typical IEEE test power system to show the validity and applicability of the proposed approach.

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