Multi-objective stochastic economic dispatch

This paper presents an optimized stochastic formulation for the economic dispatch problem of power system including wind power based on both short-term and long-term behaviour of the wind speed and wind power in a specific area. And according to the formulation, a multi-objective optimization formula is given to be used in the economic dispatch problem. The multi-objective optimization problem applies Weibull distribution function and Normal distribution function as short-term and long-term characterizing functions of the wind speed, respectively. The operation cost functions of the wind turbines are also obtained from real empirical data which fulfills the required accuracy of the method. The proposed method is also the first of its kind which considers the aging of the wind farms in the economic dispatch problem. Several different simulation scenarios are considered and various sensitivity analyses are performed.