Mean-variance model for power system economic dispatch with wind power integrated

This paper presents the mean-variance (MV) model to solve the power system economic dispatch with wind power integrated, based on the optimal power flow problem. The MV model considers the profit and risk simultaneously under the environment of uncertain wind power, which is formulated as a multi-objective optimization problem. The MGSOMP (multiple-group search optimizer with multiple producers) is proposed to solve the MV model to find Pareto solutions, based on GSOMP (group search optimizer with multiple producers). Then the preference ranking organization method is used for decision making to determine the final dispatch solution. The MV model and MGSOMP are tested on the modified IEEE 30-bus and 118-bus power systems, respectively. Simulation results show that the MV model is well applicable to solve power system dispatch considering wind power integrated, and MGSOMP can obtain more convergent and better diversified Pareto solutions, compared with GSOMP.