Exchange Market Algorithm for Solving Economic Load Dispatch Problem with Valve Point Effects

Abstract

Economic load dispatch (ELD) is one of the primary issues of optimization in the planning and operation of
power systems. Its goal is to allocate power supply among generators in the most economical manner while meeting all
physical and operational limitationsIn this document, a fresh heuristic algorithm, Exchange market algorithm (EMA) is
implemented to solve the issue of non-convex financial load dispatch (NCELD). EMA mimics share market behavior in a
standard and oscillating market scenario. The EMA is used to discover solutions for convex and non-convex ELD issues
(with valve-point impact) with limitations such as generator capability, transmission loss, ramp rate limits, and forbidden
working areas. To check the effectiveness of EMA, it is introduced on two test schemes, 13 and 15 generating units with
non-convex and non-smooth cost functions. In addition, numerical outcomes are assessed using GA and PSO methods.