Summary
Reduction in greenhouse gases and electricity is a major concern of developing countries in the present scenario. Therefore, energy demand reduction through conservation voltage reduction (CVR) scheme can play a prominent role in such concerns because a major share of energy demand in developing countries is still met by conventional coal/fuel‐based power plants. Moreover, it does not require the participation of consumers to achieve energy saving, unlike in demand side management. Therefore, in this paper, a coordinated scheme comprising multiple voltage‐regulated devices such as on‐load tap changer (OLTC) transformer and switched capacitor banks (SCBs) including distribution network reconfiguration (DNR) operation for CVR has been proposed with minimum operating cost in distribution system. In addition, the impact of a flexible power electronic device called soft open point (SOP) has been investigated during CVR operation. The objective function of the proposed coordinated CVR scheme is to minimize the operating cost, which include the energy demand cost, switching operating cost of OLTC, SCBs, and remote‐controlled switches (RCSs), carbon emission cost, and operating and maintenance costs of SOP, while satisfying the system operational constraints. Further, the impact of high penetration of photovoltaic (PV) distributed generation on the proposed coordinated scheme has been studied. Besides, local reactive power voltage (Q‐V) control strategy of the SOP inverter has been proposed to mitigate voltage violations during cloudy day conditions. The present optimization problem has been solved using modified binary grey wolf optimization (MBGWO) algorithm. The performance of the proposed scheme has also been verified considering the forecast errors in PV generation and load demand. The proposed coordinated CVR scheme has been implemented on a modified 69‐bus distribution system. The test results demonstrate the significance of the coordinated scheme for the minimization of daily operating cost. The comparative study reveals that the combined impacts of CVR, DNR, and SOP are more beneficial than that of either CVR, DNR, or SOP operation.