Economic Load Dispatch Problems in Smart Grid: A Review

Abstract

Economic dispatch problem is one of the fundamental problems in power system as proved by many researchers. Since working on smart grid at lowest cost with high efficiency is a big challenge. Solving this problem will be active research topic for future. In the current paper, we are going to show detailed description of progress on economic dispatch, centralized and decentralized algorithm, and demand side management, classical and modern techniques by looking for the way and key factors in their progress. Plenty of work is available on demand side management, using different alternatives as it is related to optimization of generation, and system load cost models. With this scope of review work, the perspective of the economic dispatch problem in the smart grid has been investigated. This paper revises different author's work related to the economic dispatch problem and gives an insight to future work.