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Multiarea economic dispatch (MAED) is a vital problem in the present power system to allocate the power generation through dispatch strategies to minimize fuel cost. In economic dispatch, this power generation distribution always needs to satisfy the following constraints: generating limit, transmission line, and power balance. MAED is a complex and nonlinear problem and cannot be solved with classical techniques. Many metaheuristic methods have been used to solve economic dispatch problems. In this study, the dynamic particle swarm optimization (DPSO) and grey wolf optimizer (GWO) have been used to solve the MAED problem for single-area 3 generation units, a two-area system with four generating units, and four areas with 40-unit system. The hunting and social behaviors of grey wolves are implemented to obtain optimal results. During the optimization search, this algorithm does not require any information regarding the objective function’s gradient. The tunable parameters of the original PSO that are three parameters are dynamically controlled in this work that provides the efficient cost values in less execution time although satisfying all the MAED problem’s diverse constraints. In this study, the authors also implemented the GWO algorithm with two tunable parameters, and its execution is straightforward to implement for the MAED problem.

In this article, a green microgrid is suggested which utilizes renewable energy units such as wind, solar, hydro, and biomass in conjunction with energy storage systems like batteries and the pumped storage. Different test scenarios are investigated to optimally use the power generated from the combined usage of the renewable energy units and the storage units. To judge the performance, a comparative feasibility analysis of the proposed approach is carried out to demonstrate the potential findings based on the total net present cost, levelized cost of energy, operating cost, and initial capital cost. In addition, the proposed solution may be subject to various changes in systems configuration with regard to the wind speed, solar radiation, streamflow, and the electric load; therefore, sensitivity analysis is also presented. Moreover, Indian policy interventions are considered to demonstrate the effectiveness of the proposed approach for a reduction in the overall revenue of the system.

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