In the United States, power generation is currently managed by Independent System Operators in a myopic way day by day. The widely adopted power dispatch method, Economic Dispatch, aims to clear the market with the cheapest available power generators while maintaining some level of grid stability. In this thesis, we show that the grid will bear an expensive long- term generation cost and high risk in grid resilience in the next thirty years if we continue to use the traditional Economic

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... . Meanwhile, we pro- pose a number of alternative dispatch methods, notably Balanced Dispatch and Two-Phase Risk Dispatch, that effectively reduce cost and risk for energy generation. Via extensive empirical experiments on the Texas grid, ERCOT, we show that our proposed methods could result in billions of savings in US dollars every year for ERCOT alone.