Power system economic dispatch with spatio-temporal wind forecasts

In this paper spatio-temporal wind forecast is incorporated in power system economic dispatch models. Compared to most existing power system dispatch models, the proposed formulation takes into account both spatial and temporal wind power correlations. This in turn leads to an overall more cost-effective scheduling of system-wide wind generation portfolios. The potential economic benefits are manifested in the systemwide generation cost savings, as well as the ancillary service cost savings. We illustrate in a modified IEEE 24 bus system that the overall generation cost can be reduced by 12.7% by using spatio-temporal wind forecasts compared with only using a persistent forecast model.