Economic Dispatch Optimization Strategies and Problem Formulation: A Comprehensive Review

Fatemeh Marzbani () and Akmal Abdelfatah
Additional contact information
Fatemeh Marzbani: Department of Industrial Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates
Akmal Abdelfatah: Department of Civil Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates

Energies, 2024, vol. 17, issue 3, 1-31

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.

Keywords: economic dispatch; conventional optimization; probabilistic algorithms; artificial intelligence; metaplastic algorithms; hybrid approaches (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.mdpi.com/1996-1073/17/3/550/pdf (application/pdf)
https://www.mdpi.com/1996-1073/17/3/550/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:17:y:2024:i:3:p:550-:d:1324678

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().