Stochastic Economic Dispatch of Power Systems with Renewable Energy Using Sparse Grid Based Stochastic Collocation Method

The uncertainty of renewable energy has raised significant challenges for power system, which results that conventional dispatch deterministic methods are not well applicable. Therefore, this paper proposes the stochastic collocation method (SCM) for economic dispatch problem based on sparse grid. The SCM utilizes the orthogonal property of generalized polynomial chaos (gPC) to avoid solving the complex optimization model with random variables, by calculating the deterministic gPC coefficients. Meanwhile, to mitigate the computational burden, sparse grid is utilized to decrease the number of collocation points. However, the collocation points selected by conventional sparse grid do not satisfy the nested property. Hence, a strategy of constructing collocation points based on nested sparse grid is proposed to make the selected collocation points satisfy the nested property. The accuracy, effectiveness, and practicality of the proposed algorithm are verified by the simulations on the modified IEEE 39-bus system and a practical power system.