A method of operating a wind farm that includes a plurality of wind turbine generators (WTGs) includes generating wind turbine generator (WTG) availability data for each WTG. The method also includes generating wide-area meteorological data for a first geographical region. The method further includes generating narrow-area meteorological forecast data for a second geographical region by transmitting at least a portion of the wide-area meteorological data to at least one resident narrow-area meteorological forecast algorithm. The first geographical region includes at least a portion of the second geographical region. The method also includes generating electric power production forecast data by using at least one resident electric power production forecast algorithm to manipulate the WTG availability data and the narrow-area meteorological forecast data.