Power generation all over the world is slowly being taken over by the renewable energy technologies to alleviate the energy crisis, as well as provide clean and green energy. Therefore, in the foreseeable future, the renewable energy technologies most likely may compete on par level with the conventional energy generation. The near future holds the rebalancing of the global power system market, which mandates, the interpretation of the upcoming and current trends revolving around the power market, pricing and the supply-demand balance with focus on the various renewable energy sources. Levelised Cost of Energy (LCOE) is the present global evaluator that ensures the fair valuation of the generation costs and the grid parity achievement for the various generating technologies. With the power market rebalancing, both regulated and deregulated configuration, have a requisite duty of maintaining the power generation and demand balance. Therefore, this paper does an extensive survey on the recent trends and methodologies in the levelised cost estimation, demand-supply balance with focus on the various renewable generating sources.

Modern day scenario has an increasing power demand due to the growing development which indeed increases the load on the generation which might cause turbulence in the system and may bounce out of stability. The governor itself can’t handle such frequent load changes and adjust the generation amount to keep the frequency between the margins. This paper proposes an approach towards such predicament to incorporate an optimization method in order to ensure stability of the system despite the drastic changes in demand. Load frequency control is a control method for maintaining the frequency of the system during the change in demand. Use of controllers has proven to be effective in controlling the frequency deviations in the power systems and the response of the controller is further improved using optimization technique for better stability. The PID controller tuned by Particle Swarm Optimization is employed in multi-area system which reduces the time response by a considerable amount and the deviation settles much quicker despite the rapid load changes. The proposed controller is executed further for renewable energy sources connected to the individual areas and demonstration proves that the optimized controller is efficient enough in handling the frequency deviations when wind and solar with sunlight penetration is incorporated.