Stochastic optimization based economic dispatch and interruptible load management with distributional forecast of wind farm generation

Abstract

We study stochastic optimization of economic dispatch (ED) and interruptible load management using short-term distributional forecast of wind farm generation. Specifically, we develop a Markov-chain-based distributional forecast model for wind farm generation based on spatial and temporal characteristics of the wind turbine power output in a wind farm. Built on the distributional forecast model, the joint optimization of ED and interruptible load management is cast as a stochastic optimization problem. The proposed stochastic ED problem is compared with the deterministic ED problem using the persistence wind generation forecast model, and also with the scenario-based ED formulation which uses all possible wind generation states. Numerical studies, using a modified IEEE RTS 24-bus system and realistic wind measurement data from an actual wind farm, demonstrate the significant benefits obtained by leveraging the Markov-chain-based distributional forecast and the interruptible load management.