Dynamic economic dispatch in electricity market using particle swarm optimization algorithm / Nurain Masran

Electrical power industry restructuring has created highly vibrant and competitive market that altered many aspects of the power industry. In this changed scenario, scarcity of energy resources, increasing power generation cost, environment concern, ever growing demand for electrical energy necessitate dynamic economic dispatch. This paper presents the application of Particle Swarm Optimization (PSO) algorithm to obtain a solution for Bid-Based Dynamic Economic Dispatch (BBDED) model problem to maximize the social profit in a competitive electricity market. The model considers various constraints such as power balance constraints, generation bid quantities constraints, and customers bid quantities constraints, to obtain a physically feasible resource scheduling which is demonstrated on a power system with three generators and two customers. The results of numerical simulation show that the proposed PSO method is capable of obtaining high quality dispatch solution efficiently.