Economic-security trade-off methods for optimal dispatch in new power systems : review and prospects

Authors

• Lei Yan, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， ChinaFollow
• Guocan Yan, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Chuangxin Guo, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Yilin Zhou, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Yan Meng, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Rouyu Lin, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Keyi Chen, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China
• Zuyi Li, College of Electrical Engineering ， Zhejiang University ， Hangzhou 310058 ， China

Keywords

new power system, optimal dispatch, risk preference, adjustable chance constraint, endogenous risk

Abstract

The strong uncertainty of new power systems makes the economic-security trade-off in day-ahead optimal dispatch more challenging.From the perspective of the interaction between risk preferences and optimization models，this paper categorizes trade-off methods into three modes：the a priori setting mode，the a posteriori selection mode，and the endogenous trade-off mode.First，it analyzes the limitations of the a priori setting mode，which relies on subjective experience to determine risk parameters，such as risk levels and uncertainty budgets，as well as the computational challenges of the a posteriori selection mode in high-dimensional risk settings.Second，it focuses on the endogenous trade-off mode represented by adjustable chance constraints，explaining how this mode endogenizes risk parameters as decision variables and introduces risk cost functions to achieve an adaptive optimal economic-security trade-off.Furthermore，a simplified numerical example illustrates the potential advantages of the endogenous trade-off mode，followed by a multidimensional comparison of the three modes.Finally，future research directions are outlined with respect to key challenges in risk characterization，model transformation，and efficient solution methods.

DOI

10.19781/j.issn.1673-9140.2026.04.015

First Page

180

Last Page

196

Recommended Citation

Yan, Lei; Yan, Guocan; Guo, Chuangxin; Zhou, Yilin; Meng, Yan; Lin, Rouyu; Chen, Keyi; and Li, Zuyi (2026) "Economic-security trade-off methods for optimal dispatch in new power systems : review and prospects," Journal of Electric Power Science and Technology: Vol. 41: Iss. 4, Article 15.
DOI: 10.19781/j.issn.1673-9140.2026.04.015
Available at: https://jepst.researchcommons.org/journal/vol41/iss4/15