Optimization Methods Applied to Power Systems: Current Practices and Challenges

Abstract Optimization tools applied in power system areas are becoming increasingly essential to support the complex task of efficiently providing electricity to the grid. The power system areas where these optimization tools are needed include power system operation, analysis, scheduling, and energy management. The problems in these areas require the study of the objective function and constraints in different ways. This chapter is primarily focused on the review of the various optimization methods and their applications to these types of problems. Furthermore, the most pressing challenges emerging in this area are also discussed. This chapter is intended for both first-year graduate students and senior-year undergraduate students who would like to improve their knowledge of power system optimization and who would like to study the fundamental and advanced topics related to power system optimization tools. A good understanding of these fundamental concepts and the emerging challenges in this area is necessary to further enhance the knowledge of the complex operation of power systems and electricity markets.