ELECTRICAL power grids are in the transition from traditional power grids to modern smart grids to accommodate rapid development of human society. It has been predicted that electricity demand in 2030 will be the double of the demand in 2010 [1]. Expansion of power generation and renovation of transmission and distribution infrastructures, which cause tremendous consumption of public resources, cannot be the only solution to this social requirement. All stakeholders in the power industry, including the society, government, electricity providers, consumers, and power transmission and distribution operators, are desperate for a much more efficient operating system, so that the burden and pressure brought by the rapid demand growth can be mitigated. Meanwhile, regulation and customer demand on higher service quality and system reliability also become important considerations of the stakeholders. Global initiation of environment protection and carbon dioxide emission reduction substantially constrain the development of conventional power systems based on fossil energy, while promote the utilization of renewable energy sources. The features of renewables, e.g., intermittence, uncertainty, and difficulty of being integrated into grid operation, are the foremost problems to be solved by researchers and engineers. The rise of modern smart grids brings in huge impacts on dispatching systems, which are summarized as following. Under the above mentioned circumstances, development of the modern smart grids reveals the following new requirements for dispatching systems. 1) The electricity consumers are expecting less supply shortages. The consumers are expecting more reliable power supply, lower possibility of outages, cheaper electricity prices, and better living environment [2].