The exchange market algorithm with smart searching for solving economic dispatch problems

Abstract

This paper introduces the exchange market algorithm with smart searching (EMA-SS) for solving optimization problems in which a penalty factor has been embedded. The EMA-SS is a special version of the exchange market algorithm that imposes restrictions on the market and therefore asks shareholders to select shares with the total amount required. The need for a penalty factor is obviated resulting in a reduced search space and thus the ability of the algorithm to find an optimum point is increased. A penalty factor is used in solving the economic dispatch of a thermal generating unit problem where the total output power equates load demand and power loss. In this paper, the convex and non-convex economic dispatch of thermal generating units is optimized using the EMA-SS in large power systems with dimensions of 15, 20, 38, 40 and 140 units considering network losses, the equality and inequality constraints of the system, ramp rate limits, valve-point effects and prohibited operation zones. The obtained results are compared with those of the EMA and several robust and efficient techniques that use a penalty factor. The results of the EMA-SS verify its efficacy in solving economic dispatch problems in comparison with other methods.