Heuristic approach on economic load dispatch problem using willingness to pay along with incentive based load curtailment schemes

TLDR: In this article, the authors proposed a novel approach of scheduling power by incorporating willingness to pay of consumers into the load dispatch problem and used bees foraging algorithm (BFA) to perform economic load dispatching problem.

Abstract: In the current electricity market, the demand for power increases exponentially day by day. The ISO can boost the power sales by using “willingness to pay” approach on the consumers. This paper proposes a novel approach of scheduling power by incorporating willingness to pay of consumers into the load dispatch problem. The consumers with higher willingness to pay usually use appropriate capacity transmission lines to receive power owing to their evident power needs. The appropriate capacity of the transmission lines allows congestion free power distribution and thus enabling a holistic improvement of the transmission system. The paper also includes the emission constraints to reduce the emissions from the generating plants and an incentive based curtailment scheme to support the willingness to pay based load dispatch. The proposed optimized model uses bees foraging algorithm (BFA) to perform economic load dispatch problem. A three generator model is used to illustrate the proposed approach.