Optimal Consumer Efforts and Operational Costs Based Analysis for a Smart Grid

Abstract

This paper deals with the comparison approach of operational cost and consumer efforts for the smart grid system. There are two objectives considered for the smart power system i.e. the minimization of the operational cost and consumer efforts of demand responses. Normally, consumers do not want to make much effort for reducing or increasing their loads that is why, this research is done for reducing consumer effort, beside reducing the fuel cost of thermal generations. Consumer efforts have been considered through the real-time pricing of electricity. Mainly a multi-objective algorithm such as Non-Dominated Sort Genetic Algorithm-II (NSGA-II) has been utilized to determine the optimum Pareto solution. Also, optimal values of NSGA-II has been compared with Epsilon Multi Objective Genetic Algorithm (ε-MOGA). There are three different scenarios reflected in this paper such as case 1, case 2, and case 3 for understanding the importance of consumer efforts. The case 1 considers the minimum operational cost and maximum customer efforts. The case 2 considers the moderate operational cost and moderate customer efforts and the case 3 considers the maximum operational cost and minimum customer efforts. The computer simulation has been performed by the MATLAB® software.