Risk constrained economic dispatch with integration of wind power by multi-objective optimization approach

With increasing wind energy integrated into power systems, the topic of economic dispatch (ED) becomes more important. In this paper, a risk constrained ED (RCED) model is proposed, which aims to obtain the optimal dispatch solution to balance the economic gain and the economic risk brought by uncertain wind power. Then Pareto-based multi-objective optimization approach is applied to optimize the gain and risk under the uncertain environment, simultaneously. Afterwards, an improved optimization algorithm, chaotic group search optimizer with multiple producers (CGSOMP) is used for solving this complex problem. Simulation studies are conducted on a modified IEEE 30-bus power system, and results verify outperformance of the RCED model, compared with the traditional ED approach.