Simulation of Correlated Wind Speed Data for Economic Dispatch Evaluation

The Economic Dispatch problem consists of minimizing the cost of producing the power demanded by an electrical power system, by means of the suitable dispatching of the power production between the available generators. The difficulty in predicting wind power generation means that penalty and reserve costs must be considered when it is included in the evaluation. Analyzing the output power of each wind turbine individually is not enough when evaluating these costs and the correlation between wind speed values must be considered as another input because it also has an influence. This paper introduces a new method for generating correlated wind power values and explains how to apply the method when evaluating Economic Dispatch. A case study is provided to analyze whether considering correlation in the problem has any influence or not.