Devising a new technique for all-thermal economic dispatch problem's solution employing angular fuzzy sets and variation factor

Abstract

This paper has the following objectives: (1) finding the solution of economic dispatch problem using angular fuzzy sets and a variation factor, and (2) formulate a new technique for including risk management in the solution of economic dispatch problem. This new technique uses a method based upon angular fuzzy sets and a variation factor for calculating risk associated with variations or uncertainties involved in the solution of economic dispatch problem. Since the cost curve for each generator has inaccuracies and uncertainties, there is a need for including risk management in the solution of economic dispatch problem. This is to be noticed that inclusion of risk management in the solution does not reduce uncertainties, but it is providing a more accurate and precise solution considering uncertainty. Thus, this paper presents a method based on angular fuzzy sets and a variation factor that is capable of modeling economic dispatch problem including risk management.