IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v17y2024i3p550-d1324678.html
   My bibliography  Save this article

Economic Dispatch Optimization Strategies and Problem Formulation: A Comprehensive Review

Author

Listed:
  • Fatemeh Marzbani

    (Department of Industrial Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates
    These authors contributed equally to this work.)

  • Akmal Abdelfatah

    (Department of Civil Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates
    These authors contributed equally to this work.)

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.

Suggested Citation

  • Fatemeh Marzbani & Akmal Abdelfatah, 2024. "Economic Dispatch Optimization Strategies and Problem Formulation: A Comprehensive Review," Energies, MDPI, vol. 17(3), pages 1-31, January.
    • Handle: RePEc:gam:jeners:v:17:y:2024:i:3:p:550-:d:1324678
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/17/3/550/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/17/3/550/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Juan Moreno-Castro & Victor Samuel Ocaña Guevara & Lesyani Teresa León Viltre & Yandi Gallego Landera & Oscar Cuaresma Zevallos & Miguel Aybar-Mejía, 2023. "Microgrid Management Strategies for Economic Dispatch of Electricity Using Model Predictive Control Techniques: A Review," Energies, MDPI, vol. 16(16), pages 1-24, August.
    2. Qiu, Haifeng & Vinod, Ashwin & Lu, Shuai & Gooi, Hoay Beng & Pan, Guangsheng & Zhang, Suhan & Veerasamy, Veerapandiyan, 2023. "Decentralized mixed-integer optimization for robust integrated electricity and heat scheduling," Applied Energy, Elsevier, vol. 350(C).
    3. Zou, Dexuan & Li, Steven & Kong, Xiangyong & Ouyang, Haibin & Li, Zongyan, 2019. "Solving the combined heat and power economic dispatch problems by an improved genetic algorithm and a new constraint handling strategy," Applied Energy, Elsevier, vol. 237(C), pages 646-670.
    4. Mazzoni, Stefano & Ooi, Sean & Nastasi, Benedetto & Romagnoli, Alessandro, 2019. "Energy storage technologies as techno-economic parameters for master-planning and optimal dispatch in smart multi energy systems," Applied Energy, Elsevier, vol. 254(C).
    5. Bhattacharjee, Vikram & Khan, Irfan, 2018. "A non-linear convex cost model for economic dispatch in microgrids," Applied Energy, Elsevier, vol. 222(C), pages 637-648.
    6. Roy, Kallol & Mandal, Kamal Krishna & Mandal, Atis Chandra, 2019. "Ant-Lion Optimizer algorithm and recurrent neural network for energy management of micro grid connected system," Energy, Elsevier, vol. 167(C), pages 402-416.
    7. Liu, Haizhou & Shen, Xinwei & Guo, Qinglai & Sun, Hongbin, 2021. "A data-driven approach towards fast economic dispatch in electricity–gas coupled systems based on artificial neural network," Applied Energy, Elsevier, vol. 286(C).
    8. Naval, Natalia & Yusta, Jose M., 2021. "Virtual power plant models and electricity markets - A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).
    9. Yeh, Wei-Chang & He, Min-Fan & Huang, Chia-Ling & Tan, Shi-Yi & Zhang, Xianyong & Huang, Yaohong & Li, Li, 2020. "New genetic algorithm for economic dispatch of stand-alone three-modular microgrid in DongAo Island," Applied Energy, Elsevier, vol. 263(C).
    10. Gondzio, Jacek, 2012. "Interior point methods 25 years later," European Journal of Operational Research, Elsevier, vol. 218(3), pages 587-601.
    11. Hou, Hui & Xue, Mengya & Xu, Yan & Xiao, Zhenfeng & Deng, Xiangtian & Xu, Tao & Liu, Peng & Cui, Rongjian, 2020. "Multi-objective economic dispatch of a microgrid considering electric vehicle and transferable load," Applied Energy, Elsevier, vol. 262(C).
    12. Hlalele, Thabo G. & Naidoo, Raj M. & Bansal, Ramesh C. & Zhang, Jiangfeng, 2020. "Multi-objective stochastic economic dispatch with maximal renewable penetration under renewable obligation," Applied Energy, Elsevier, vol. 270(C).
    13. Gao, Hongchao & Jin, Tai & Feng, Cheng & Li, Chuyi & Chen, Qixin & Kang, Chongqing, 2024. "Review of virtual power plant operations: Resource coordination and multidimensional interaction," Applied Energy, Elsevier, vol. 357(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yin, Linfei & Sun, Zhixiang, 2021. "Multi-layer distributed multi-objective consensus algorithm for multi-objective economic dispatch of large-scale multi-area interconnected power systems," Applied Energy, Elsevier, vol. 300(C).
    2. Gong, Yu & Liu, Pan & Ming, Bo & Xu, Weifeng & Huang, Kangdi & Li, Xiao, 2021. "Deriving pack rules for hydro–photovoltaic hybrid power systems considering diminishing marginal benefit of energy," Applied Energy, Elsevier, vol. 304(C).
    3. Groppi, Daniele & Pfeifer, Antun & Garcia, Davide Astiaso & Krajačić, Goran & Duić, Neven, 2021. "A review on energy storage and demand side management solutions in smart energy islands," Renewable and Sustainable Energy Reviews, Elsevier, vol. 135(C).
    4. Yang, Wenqiang & Zhu, Xinxin & Xiao, Qinge & Yang, Zhile, 2023. "Enhanced multi-objective marine predator algorithm for dynamic economic-grid fluctuation dispatch with plug-in electric vehicles," Energy, Elsevier, vol. 282(C).
    5. Lo Basso, Gianluigi & de Santoli, Livio & Paiolo, Romano & Losi, Claudio, 2021. "The potential role of trans-critical CO2 heat pumps within a solar cooling system for building services: The hybridised system energy analysis by a dynamic simulation model," Renewable Energy, Elsevier, vol. 164(C), pages 472-490.
    6. Sadeghian, Omid & Mohammadpour Shotorbani, Amin & Mohammadi-Ivatloo, Behnam & Sadiq, Rehan & Hewage, Kasun, 2021. "Risk-averse maintenance scheduling of generation units in combined heat and power systems with demand response," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    7. Erfan Amini & Danial Golbaz & Fereidoun Amini & Meysam Majidi Nezhad & Mehdi Neshat & Davide Astiaso Garcia, 2020. "A Parametric Study of Wave Energy Converter Layouts in Real Wave Models," Energies, MDPI, vol. 13(22), pages 1-23, November.
    8. Mehdi Neshat & Nataliia Y. Sergiienko & Erfan Amini & Meysam Majidi Nezhad & Davide Astiaso Garcia & Bradley Alexander & Markus Wagner, 2020. "A New Bi-Level Optimisation Framework for Optimising a Multi-Mode Wave Energy Converter Design: A Case Study for the Marettimo Island, Mediterranean Sea," Energies, MDPI, vol. 13(20), pages 1-23, October.
    9. Barik, Soumyabrata & Das, Debapriya, 2020. "A novel Q−PQV bus pair method of biomass DGs placement in distribution networks to maintain the voltage of remotely located buses," Energy, Elsevier, vol. 194(C).
    10. Lyu, Cheng & Jia, Youwei & Xu, Zhao, 2021. "Fully decentralized peer-to-peer energy sharing framework for smart buildings with local battery system and aggregated electric vehicles," Applied Energy, Elsevier, vol. 299(C).
    11. Rizk-Allah, Rizk M. & Hassanien, Aboul Ella & Snášel, Václav, 2022. "A hybrid chameleon swarm algorithm with superiority of feasible solutions for optimal combined heat and power economic dispatch problem," Energy, Elsevier, vol. 254(PC).
    12. Luciana Casacio & Aurelio R. L. Oliveira & Christiano Lyra, 2018. "Using groups in the splitting preconditioner computation for interior point methods," 4OR, Springer, vol. 16(4), pages 401-410, December.
    13. Bittencourt, Tiberio & Ferreira, Orizon Pereira, 2015. "Local convergence analysis of Inexact Newton method with relative residual error tolerance under majorant condition in Riemannian manifolds," Applied Mathematics and Computation, Elsevier, vol. 261(C), pages 28-38.
    14. Vitale, F. & Rispoli, N. & Sorrentino, M. & Rosen, M.A. & Pianese, C., 2021. "On the use of dynamic programming for optimal energy management of grid-connected reversible solid oxide cell-based renewable microgrids," Energy, Elsevier, vol. 225(C).
    15. Donghui Wang & Chunming Liu, 2019. "Combination Optimization Configuration Method of Capacitance and Resistance Devices for Suppressing DC Bias in Transformers," Energies, MDPI, vol. 12(9), pages 1-13, May.
    16. Younes Zahraoui & Ibrahim Alhamrouni & Saad Mekhilef & M. Reyasudin Basir Khan & Mehdi Seyedmahmoudian & Alex Stojcevski & Ben Horan, 2021. "Energy Management System in Microgrids: A Comprehensive Review," Sustainability, MDPI, vol. 13(19), pages 1-33, September.
    17. Capone, Martina & Guelpa, Elisa & Verda, Vittorio, 2021. "Multi-objective optimization of district energy systems with demand response," Energy, Elsevier, vol. 227(C).
    18. Stefania Bellavia & Valentina De Simone & Daniela di Serafino & Benedetta Morini, 2016. "On the update of constraint preconditioners for regularized KKT systems," Computational Optimization and Applications, Springer, vol. 65(2), pages 339-360, November.
    19. Wang, Xuewei & Wang, Jing & Wang, Lin & Yuan, Ruiming, 2019. "Non-overlapping moving compressive measurement algorithm for electrical energy estimation of distorted m-sequence dynamic test signal," Applied Energy, Elsevier, vol. 251(C), pages 1-1.
    20. Oliver de Groot & Falk Mazelis & Roberto Motto & Annukka Ristiniemi, "undated". "A Toolkit for Computing Constrained Optimal Policy Projections (COPPs)," Working Papers 202112, University of Liverpool, Department of Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:17:y:2024:i:3:p:550-:d:1324678. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.