Economic Dispatch of Generated Power Using Modified Lambda- Iteration Method

In practical situations and under normal operating conditions, the generating capacity of power plants is more than the total losses and load demand. Also, power plants have different fuel costs and are not the same distance from the load centers. Hence the need for developing improved methods of economic dispatch of generated power from mostly remote locations to major load centers in the urban cities. Most methods adopted for optimal dispatch are either cumbersome in their computational approaches. This work proposes a fast and easy to use generic MATLAB syntax to aid in solving economic dispatch problems. The software component proposed in this work will try to estimate the optimal value of real power to be generated with the least possible fuel cost. This will be based on the assumption of equal incremental cost and the result compared to genetic algorithm simulation.

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