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This paper addresses two vital issues which are barely discussed in the literature on robust unit commitment (RUC): 1) how much the potential operational loss could be if the realization of uncertainty is beyond the prescribed uncertainty set; 2) how large the prescribed uncertainty set should be when it is used for RUC decision making. In this regard, a robust riskconstrained unit commitment (RRUC) formulation is proposed to cope with large-scale volatile and uncertain wind generation. Differing from existing RUC formulations, the wind generation uncertainty set in RRUC is adjustable via choosing diverse levels of operational risk. By optimizing the uncertainty set, RRUC can allocate operational flexibility of power systems over spatial and temporal domains optimally, reducing operational cost in a riskconstrained manner. Moreover, since impact of wind generation realization out of the prescribed uncertainty set on operational risk is taken into account, RRUC outperforms RUC in the case of rare events. The traditional column and constraint generation (C&CG) and two algorithms based on C&CG are adopted to solve the RRUC. As the proposed algorithms are quite general, they can also apply to other RUC models to improve their computational efficiency. Simulations on a modified IEEE 118bus system demonstrate the effectiveness and efficiency of the proposed methodology. Index Terms-unit commitment, generation dispatch, risk assessment, wind generation uncertainty./ Confidence level of / . Price of wind generation curtailment in period t. Price of load shedding in period t. / /Generation shift distribution factor of generator g/ wind farm m/ load j in period t. ℎ Day-ahead operational risk level. Decision VariablesBinary variable indicating whether generator g is on or off in period t. Binary variable indicating whether generator g is started up in period t.Real-time output of generator g in period t. ̂Day-ahead output of generator g in period t. /Binary variable indicating normalized positive /negative output deviation of wind farm m in period t. ∆Wind generation curtailment in wind farm m in

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