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Wind power forecasting is an important tool in power system operations to address variability and uncertainty. Accurately doing so is important to reduce the occurrence and length of curtailment, enhancing market efficiency, and improving the operational reliability of the bulk power system. This research quantifies the value of wind power forecasting improvements in the IEEE 118-bus test system as modified to emulate the generation mixes of Midcontinent, California, and New England independent system operator balancing authority areas. To measure the economic value, a commercially available production cost modeling tool was used to simulate the multitimescale unit commitment (UC) and economic dispatch process for calculating the cost savings and curtailment reductions. To measure the reliability improvements, an in-house tool, Flexible energy scheduling tool for integrating variable generation, was …