A Novel Stochastic Economic Dispatch Method Considering Renewable Energy Correlation and Demand Response

Abstract

With the gradual increase of renewable energy scale in modern power system, the pressure of renewable energy consumption, such as photovoltaic power generation and wind power generation, is growing continuously, due to the randomness of renewable energy outputs. Meanwhile, complex nonlinear correlations between renewable energy outputs can also influence the economic dispatch of power system and these correlations should be accurately described. Demand response, as a power balance adjustment method, has obvious effects in promoting the consumption of renewable energy and ensuring the safety and economics of power system operation, especially under power market conditions. This paper proposes a novel stochastic economic dispatch method considering demand response, and Monte Carlo method based on M-Copula theory is adopted to deal with the complex nonlinear correlation between renewable energy outputs, which can avoid the limitations of each single Copula function to great extend and achieve further accuracy of economic dispatch results. The necessity and effectiveness of proposed method can be proved by the case studies.