Social welfare maximisation with a state space based model and methodology

The state space based model developed in this paper maximizes load catering and simultaneously minimizes the operating standard constrained generation cost for the redemption of power market equilibrium in the most inadvertent states of the network endowed with smart grid communication technology. For optimum utilization of smart metering facility, the model effectively involves resources like demand response, generation surplus to optimize the market clearing price as well as profit of the market participants by effective categorization. A novel curtailment strategy has also been proposed to amalgam stability restoring shedding with profit retentive load cut. The model has been tested in IEEE 30 bus system with Particle Swarm Intelligence based optimization methodology in comparison with standard curtailment based optimization technique to produce encouraging results.