Multi-Objective Optimization of Spinning Reserve for Power System with Large Scale Wind Generations

Uncertainty of wind generations increases the difficulty of balancing cost and risk during making spinning reserve plans. To meet this challenge, this article builds a multi-objective spare optimization model with the consideration of cost expectations and conditional value at risk. And it proposes a risk decision-making model based on fuzzy theory to finalize the reserve plan. Multi-objective immune algorithm and Monte Carlo scenario simulation are used to solve the optimization algorithms. The example shows that the multi-objective model can effectively find the front-set of cost expectations and conditional value at risk; fuzzy risk decision-making model expand the effective range of the risk tolerance coefficient than the traditional one, and it can reflect the risk attitudes more clearly; the model considering both expectation and risk is more advantage than the one with just expectation from the view of risk aversion, and it can be seen as a risk management tool of decision-makers. Copyright (C) 2012 Praise Worthy Prize S.r.l. - All rights reserved.