Abstract
In this paper, an improved multiperiod risk-limiting dispatch (IMRLD) is proposed as an operational method in power systems with high percentage renewables integration. The basic risk-limiting dispatch (BRLD) is chosen as an operational paradigm to address the uncertainty of renewables in this paper due to its three good features. In this paper, the BRLD is extended to the IMRLD so that it satisfies the fundamental operational requirements in the power industry. In order to solve the IMRLD problem, the convexity of the IMRLD is verified. A theorem is stated and proved to transform the IMRLD into a piece-wise linear optimization problem that can be efficiently solved. In addition, the locational marginal price of the IMRLD is derived to analyze the effect of renewables integration on the marginal operational cost. Finally, two numerical tests are conducted to validate the IMRLD.
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