Risk assessment model for wind power integrated power systems using conditional value-at-risk

Wind power as a renewable source plays a key role for the achievement of the environment-friendly energy structure of power systems. But the uncertainty and fast fluctuation of wind speeds are crucial problems for the availability of wind energy, which also bring more risk threatening the reliability and safety of system operation. In this paper, a revenue model is presented to evaluate the impact of the stochastic wind power on power system operation. The model can provide the possible loss in economical manner to measure the influence due to uncertainties, based on application of conditional value-at-risk (CVaR). Moreover, risk evaluation indexes representing potential economical loss and mean excess loss in different confidence levels can be used to illustrate the future risk degree. The validity of the model has been verified by the numerical simulation results.