Comparison of the PSO Algorithm and JAYA Algorithm for Economic Load Dispatch

Abstract

The electrical power industry has undergone the significant changes, leading to a competitive market and the need for optimal economic dispatch solutions. As energy resources becoming scarce, prices rise, environmental concerns intensify, and electricity consumption increases, classical optimization techniques struggle to handle these complex issues. This project compares particle swarm optimization (PSO) and JAYA optimization method for economic load dispatch (ELD) problems in the electrical power industry. PSO has gained recognition as an effective solution for ELD problems in the last decade. The aim of this study is to show that Jaya optimization is the best optimization methodology for ELD problems. By comparing the performance, convergence speed, and accuracy of PSO and JAYA optimization, this paper aims to provide insights into the superiority of JAYA optimization. Key Words: Economic Load dispatch, Optimization method, PSO algorithm, JAYA algorithm, Incremental fuel cost