IJEART

Wind energy is no doubt the most competitive low carbon energy. Many traditional power plants have also set up wind parks. Due to the randomness of the wind power output, power plant faces the problem of how to make a dispatch plan for its power generation units when the load demands is confirmed from the electric power market in advance. This paper presents a green revenue management model for power plants with wind parks under an uncertain power out put condition. Generation cost, spinning reserve cost and external cost (emission) are all taken into account. The model has a stochastic programming formulation designed to capture the randomness of wind power output. A novel approach of robust optimization and ant colony algorithm are applied to solve the problem on a scenario-basis. Decision-makers’ risk aversion is considered in the objective function. Mean absolute value is used to measure risk of deviation of revenue from its expected value. As the external cost of carbon emission and the randomness of the wind power output are considered in the model, the result presents a robust dispatch plan for the power plant, which can achieve good benefit.