Risk-constrained Economic Dispatch for Power Systems with Renewable Energy Sources and Compressed Air Energy Storage

Energy crisis and environmental concerns have led to the rapid development of renewable energy sources (RES). However, the fluctuating and unpredictable nature of RES reduce the reliability of the power systems. Using compressed air energy storage (CAES) is one of the main solutions to this problem. In this paper, three typical operation modes of CAES are adopted to improve the flexibility of the wind-CAES hybrid system, and a risk-constrained economic dispatch model considering the uncertainty of wind power and the part-load characteristics of CAES is proposed. Scenario generation and reduction technique is applied to model the uncertainties and a piecewise linearization method is used to incorporate the part-load features into the mixed integer linear programming model. The effectiveness of the proposed methodology is studied in a modified IEEE RTS 24-bus system.