Economic Dispatch Optimization Strategies and Problem Formulation: A Comprehensive Review

Abstract

Economic Dispatch Problems (EDP) refer to the process of determining the power output of generation units such that the electricity demand of the system is satisfied at a minimum cost while technical and operational constraints of the system are satisfied. This procedure is vital in the efficient energy management of electricity networks since it can ensure the reliable and efficient operation of power systems. As power systems transition from conventional to modern ones, new components and constraints are introduced to power systems, making the EDP increasingly complex. This highlights the importance of developing advanced optimization techniques that can efficiently handle these new complexities to ensure optimal operation and cost-effectiveness of power systems. This review paper provides a comprehensive exploration of the EDP, encompassing its mathematical formulation and the examination of commonly used problem formulation techniques, including single and multi-objective optimization methods. It also explores the progression of paradigms in economic dispatch, tracing the journey from traditional methods to contemporary strategies in power system management. The paper categorizes the commonly utilized techniques for solving EDP into four groups: conventional mathematical approaches, uncertainty modelling methods, artificial intelligence-driven techniques, and hybrid algorithms. It identifies critical research gaps, a predominant focus on single-case studies that limit the generalizability of findings, and the challenge of comparing research due to arbitrary system choices and formulation variations. The present paper calls for the implementation of standardized evaluation criteria and the inclusion of a diverse range of case studies to enhance the practicality of optimization techniques in the field.

Economic Dispatch of Combined Cycle Power Plant: A Mixed-Integer Programming Approach

“…Considering these factors is vital to prevent equipment damage, cut operating costs and enhance overall efficiency within integrated power systems. Below, we outline the contribution of this study, emphasizing the comparison with the results reported by the authors in [27,28,[32][33][34][35][36][37]:…”

“…The third approach is presented in Equation ( 5), which utilizes a piecewise method to depict the segments that form the cost curve. This representation differs from the mathematical models published in the literature [27,28,[32][33][34][35][36][37], we propose to incorporate a binary variable that simplifies the choice of a single operating state for the CCPP. It focuses exclusively on the two non-convex states of the CCPP, which enable a transition between them, and the binary variable facilitates its selection efficiently.…”

Optimizing Economic Dispatch with Renewable Energy and Natural Gas Using Fractional-Order Fish Migration Algorithm

“…Simultaneously, the problem must adhere to system constraints and address environmental concerns to minimize pollution from thermal power plants. Mathematically, the EED issue is nonconvex [5,6], involving inconsistent objectives and non-linear restrictions derived from power flow limitations, grid compliance requirements, valve point impacts, and prohibited operating zones for units. Efficient algorithms are necessary to find the optimal trade-off between environmental and economic considerations.…”