Improved particle swarm optimization algorithms for economic load dispatch considering electric market

Economic load dispatch problem under the competitive electric market (ELDCEM) is becoming a hot problem that receives a big interest from researchers. A lot of measures are proposed to deal with the problem. In this paper, three versions of PSO method such as conventional particle swarm optimization (PSO), PSO with inertia weight (IWPSO) and PSO with constriction factor (CFPSO) are applied for handling ELDCEM problem. The core duty of the PSO methods is to determine the most optimal power output of generators to obtain total profit as much as possible for generation companies without violation of constraints. These methods are tested on three and ten-unit systems considering payment model for power delivered and different constraints. Results obtained from the PSO methods are compared with each other to evaluate the effectiveness and robustness. As results, IWPSO method is superior to other methods. Besides, comparing the PSO methods with other reported methods also gives a conclusion that IWPSO method is a very strong tool for solving ELDCEM problem because it can obtain the highest profit, fast converge speed and simulation time