Researching on economic benefits of grid-connected wind farm with Conditional Value-at-Risk

Large-scale grid integration of wind energy conversion systems will affect the stability of the system, because the randomness of the wind power output. Meanwhile, In order to analyze the economic benefits of grid-connected wind farm, the optimization model is built with a new mathematical method of Conditional Value-at-Risk (CVaR). In this model, the randomness characteristic of the output of the wind power is considered. The maximum allowable capacities of wind farm can be calculated under different probability levels. Moreover, the extreme impact can be deal with effectively under tail risk over the probability; besides a benefit model of wind power which considering all the benefits and cost of wind power is established. Therefore, the different capacities of grid-connected wind farm and economic benefit at different wind speeds are obtained. CVaR function is transformed into integral form of probability density function. In order to simplify the model to linear optimization, Aided variable is introduced and continuous integral calculation is replaced by discrete points. Therefore, the capacities of grid-connected wind farm and economic benefits can be easily calculated. The result of analysis and calculation on the IEEE30 system prove that method is verified.