Smart Grid Intelligent Energy Management System with Cost Optimization in Power System

The sole purpose of this research work is to inspect effectively the tradeoff relation between the cost of electricity and consumer satisfaction level. Variation in power demand in day ahead with forecasting studies for the low cost and cheap energy procurement (CEP) and unplanned recognition of actual time renewable power develops difficulties for the intelligent energy management system (IEMS) to meet the satisfaction level of the customers. For the AC/DC hybrid system, where losses are observed in the convertor and invertor during AC to DC and then from DC to AC conversion respectively, the problem becomes more complex. In the same manner, the stats of peak hours show the requirement of increasing generation power in order to fulfill the peak load demand which is bought at very much higher rates by the power producer companies. This work will give the optimization technique of problem solving for minimizing such issue for the average time cost of power for the utmost satisfaction level of the consumer. The proposed solution will be achieved by introducing the algorithm of Load Scheduling and Hybrid Switching Control (LSHSC) on the framework of convex optimization. This results in the delivering of efficiently low-cost electricity with assisting shift-able loads within the convinced time limit.The intelligent energy management system (IEMS) usually installed near the consumer along with distributed generators. The substantial part depends on the continuously monitoring and at the same time monitoring and controlling the flow of power between power producing utilities and consumers through hybrid AC/DC bus system. A large convertor and invertor losses are being incorporated in this system.