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The issues of uncertainty and frequency security could become significantlyserious in power systems with the high penetration of volatile inverter-basedrenewables (IBRs). These issues make it necessary to consider the uncertaintyand frequency-related constraints in the economic dispatch (ED) programs.However, existing ED studies rarely proactively optimize the control parametersof inverter-based resources related to fast regulation (e.g., virtual inertiaand droop coefficients) in cooperation with other dispatchable resources toimprove the system frequency security and dispatch reliability. This paperfirst proposes a joint chance-constrained economic dispatch model that jointlyoptimizes the frequency-related inverter control, the system up/down reserves,and base-point power for the minimal total operational cost. In the proposedmodel, multiple dispatchable resources including thermal units, dispatchableIBRs and energy storage are considered, and the (virtual) inertias, theregulation reserve allocations and the base-point power are coordinated. Toensure the system reliability, the joint chance-constraint formulation is alsoadopted. Additionally, since the traditional sample average approximation (SAA)method cost much computational burden, a novel mix-SAA (MSAA) method isproposed to transform the original intractable model into a linear model thatcan be efficiently solved via commercial solvers. The case studies validatedthe satisfactory efficacy of the proposed ED model and the efficiency of theMSAA.

Joint Chance-Constrained Economic Dispatch Involving Joint Optimization of Frequency-related Inverter Control and Regulation Reserve Allocation