Economic Load dispatch using PSO in MATLAB
Economic Load Dispatch (ELD) is a problem of allocating loads among generators to minimize the fuel cost while simultaneously satisfying the demand for electricity. Innovative approaches such as Particle Swarm Optimization (PSO) have been shown to be effective in tackling ELD challenges. PSO is an evolutionary computation technique inspired by the flocking behavior of birds, which has also been successfully applied as an optimization tool in MATLAB. It searches for an optimal solution through iterative adjustment of parameters based on a simple set of mathematical rules, and gradually sharpen their search with each new iteration while exploiting existing knowledge gained from previously explored solutions. When applied to the ELD problem, PSO helps to determine the most optimal generator output levels that minimize fuel consumption costs while meeting energy demand requirements.