Risk-based active power redispatch optimization

Risk-based redispatch optimization is proposed as a methodology to support the Transmission System Operator (TSO) with preventive remedial actions obtained by extending the security-constrained unit commitment/economic dispatch with constraints resulting from the risk assessed for the power system. Although being heuristic, the methodology is based on comprehensive dynamic security assessment as time-domain simulations are used, allowing to express the degree of all types of instabilities, e.g., caused by contingencies, in monetary terms. Therefore, the risk is assessed as the expected value of the cost incurred by the TSO. Such an approach forms a new pathway to including risk in planning procedures already used by TSOs. Results obtained for the IEEE39 dynamic power system, with costs assigned to load shedding and generator tripping due to single transmission lines short-circuits, are shown as a reference case.