The existing power grid infrastructures in many countries are primarily based on technologies that have been developed as centralized systems in which power is generated at major power plants and distributed to consumers through transmission and distribution lines. In the recent decade, with the increasing penetration of renewable energy sources such as solar and wind power, and smart electrical appliances, the centralized model may no longer hold, and the supply and demand for electricity become more dynamic. Moreover, the latest developed information and communication technologies (ICT) and power electronic technologies could enhance the efficiency and performance of power system operations. Recently, concerns with global warming have prompted many countries to announce research programs on smart grid, which is the transformation of the traditional electric power grid into an energy-efficient and environmentally friendly grid by the integration of ICT, power electronic, storage and control technologies. With the smart grid, there is an opportunity for a new operating paradigm that recognizes the changing structures of the power grid with renewable generation, and the high-resolution data, high speed communications, and high performance computation available with the advanced information infrastructure. A new operating paradigm, namely, risk-limiting dispatch, is proposed for the smart grid in this paper. In addition, we have identified the requirements of a communication infrastructure to support this new operating paradigm.
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