Traditional dispatch is based on the worst-case consideration and uses (N-1)-criterion. The introduction of renewable resources into the grid requires the management and dispatch of power systems with a smart grid that encompasses?hihg-resolution sensor and monitoring equipments, high-bandwidth communication network and powerful and intelligent information processing. The intermittant and stochastic nature of renewable resources requires a new paradigm for operation. A risk-limiting dispatch framework for future power sysems is introduced. The framework can be used for cost-benefit assessment of smart grids.

Professor Felix Wu is the Philip Wong Wilson Wong Professor in Electrical Engineering at the University of Hong Kong, where he served as the Pro Vice Chancellor from 1997 to 2001. He is also a Professor Emeritus at the University of California, Berkeley, Department of Electrical Engineering and Computer Sciences, where he has been on the faculty since 1974.

Professor Wu received his B.S. degree from National Taiwan University, M.S. degree from the University of Pittsburgh, and Ph.D. degree from the University of California, Berkeley.

Professor Wu was awarded the IEEE Fellow in 1989 for contributions to the development of theory and computation methods for power system planning and operation. He was the TEPCO (Tokyo Electric Power Company) Chair of “Frontier Technology for the Future Electric Energy System” in 1991.

He has been a Visiting Professor at Swiss Federal Institute of Technology (ETH-Zurich), University of Tokyo, Univerdita Degli Studi di Cassino, and many other universities. He served as a consultant to a number of industry and government agencies including Pacific Gas and Electric Company, Electric Power Research Institute (USA), ABB, Statcraft-Norway, Iberdrola-Spain, Manila Electric-Philippines, Taipower-Taiwan, etc.

Prof. Wu is a Trustee of Croucher Foundation (since 2004). He was a Board Member of Shantou University (2000-2003), a Council Member of Hong Kong Productivity Council and a member of Hong Kong Government Electricity Appeal Board. He is a founding member of International Institute for Critical Infrastructures and served as its President from 2003-2005.