Abstract: A method is proposed for real-time economic dispatch in power system operation, especially in systems that include renewable power sources that may cause heavy deviations from a generation schedule due to their uncertain outputs. According to the method an optimal generation schedule is obtained based on forecasted load data. This schedule has to be adjusted if the actual load and renewable energy source outputs unexpectedly deviate from the forecasted value. An algorithm employed in the method is capable of dictating generation adjustments which minimize total generation costs. The algorithm is a modification of the base point and participation factor method. It differs from existing methods in that a precise model of transmission losses is adopted in the algorithm to achieve higher accuracy in optimization. The proposed method also has significant advantage in execution speed so that it is suitable for real-time operation.

Abstract: A method is proposed for real-time economic dispatch in power system operation, especially in systems that include renewable power sources that may cause heavy deviations from a generation schedule due to their uncertain outputs. According to the method an optimal generation schedule is obtained based on forecasted load data. This schedule has to be adjusted if the actual load and renewable energy source outputs unexpectedly deviate from the forecasted value. An algorithm employed in the method is capable of dictating generation adjustments which minimize total generation costs. The algorithm is a modification of the base point and participation factor method. It differs from existing methods in that a precise model of transmission losses is adopted in the algorithm to achieve higher accuracy in optimization. The proposed method also has significant advantage in execution speed so that it is suitable for real-time operation.