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A review on the economic dispatch and risk management considering wind power in the power market

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  • Boqiang, Ren
  • Chuanwen, Jiang

Abstract

With the rapid development of world economy, wind power has been given more and more consideration owing to its energy saving and environmental protection. But due to intermittency and unpredictability nature of wind power generation, many new problems come into being when infusing wind power into power network with conventional generators. Aiming at these difficulties, this paper presents a review on the historical research production of this theme. The models of economic dispatch schedule of wind power considering dissimilar actual condition, different optimized algorithms and risk management in the electric market are discussed and the future trend is prospected in this paper.

Suggested Citation

  • Boqiang, Ren & Chuanwen, Jiang, 2009. "A review on the economic dispatch and risk management considering wind power in the power market," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(8), pages 2169-2174, October.
    • Handle: RePEc:eee:rensus:v:13:y:2009:i:8:p:2169-2174
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    References listed on IDEAS

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    1. Garcia, Raquel S. & Weisser, Daniel, 2006. "A wind–diesel system with hydrogen storage: Joint optimisation of design and dispatch," Renewable Energy, Elsevier, vol. 31(14), pages 2296-2320.
    2. Kennedy, Scott, 2005. "Wind power planning: assessing long-term costs and benefits," Energy Policy, Elsevier, vol. 33(13), pages 1661-1675, September.
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    2. Jin, Xin & Zhang, Zhaolong & Shi, Xiaoqiang & Ju, Wenbin, 2014. "A review on wind power industry and corresponding insurance market in China: Current status and challenges," Renewable and Sustainable Energy Reviews, Elsevier, vol. 38(C), pages 1069-1082.
    3. Vikram Kumar Kamboj & Challa Leela Kumari & Sarbjeet Kaur Bath & Deepak Prashar & Mamoon Rashid & Sultan S. Alshamrani & Ahmed Saeed AlGhamdi, 2022. "A Cost-Effective Solution for Non-Convex Economic Load Dispatch Problems in Power Systems Using Slime Mould Algorithm," Sustainability, MDPI, vol. 14(5), pages 1-36, February.
    4. Santhosh, Apoorva & Farid, Amro M. & Youcef-Toumi, Kamal, 2014. "Real-time economic dispatch for the supply side of the energy-water nexus," Applied Energy, Elsevier, vol. 122(C), pages 42-52.
    5. Moghaddam, Amjad Anvari & Seifi, Alireza & Niknam, Taher, 2012. "Multi-operation management of a typical micro-grids using Particle Swarm Optimization: A comparative study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(2), pages 1268-1281.
    6. Enevoldsen, Peter, 2016. "Onshore wind energy in Northern European forests: Reviewing the risks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 60(C), pages 1251-1262.
    7. Kumbuso Joshua Nyoni & Anesu Maronga & Paul Gerard Tuohy & Agabu Shane, 2021. "Hydro–Connected Floating PV Renewable Energy System and Onshore Wind Potential in Zambia," Energies, MDPI, vol. 14(17), pages 1-42, August.
    8. Peng, Minghong & Liu, Lian & Jiang, Chuanwen, 2012. "A review on the economic dispatch and risk management of the large-scale plug-in electric vehicles (PHEVs)-penetrated power systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(3), pages 1508-1515.
    9. Liu, Ximei & Zeng, Ming, 2017. "Renewable energy investment risk evaluation model based on system dynamics," Renewable and Sustainable Energy Reviews, Elsevier, vol. 73(C), pages 782-788.
    10. Zhao, Xiaoli & Wu, Longli & Zhang, Sufang, 2013. "Joint environmental and economic power dispatch considering wind power integration: Empirical analysis from Liaoning Province of China," Renewable Energy, Elsevier, vol. 52(C), pages 260-265.
    11. Al-Sulttani, Ali O. & Ahsan, Amimul & Hanoon, Ammar N. & Rahman, A. & Daud, N.N.N. & Idrus, S., 2017. "Hourly yield prediction of a double-slope solar still hybrid with rubber scrapers in low-latitude areas based on the particle swarm optimization technique," Applied Energy, Elsevier, vol. 203(C), pages 280-303.
    12. Wang, Tian & Deng, Shiming, 2019. "Multi-Period energy procurement policies for smart-grid communities with deferrable demand and supplementary uncertain power supplies," Omega, Elsevier, vol. 89(C), pages 212-226.

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