Economic Dispatch of Microgrids Using Particle Swarm optimization and Binning Method

Microgrid can be acted as a virtual power plant or a controllable load with respect to the power grid. Therefore, it is also called a prosumer microgrid. Consequently, the operation cost of microgrid is vital important for the cost paid by customers subject to the photovoltaic (PV) wholesale price and the selling/buying price from the utility grid. In this paper, an objective cost function and the corresponding constraints are proposed to the economic dispatch in a microgrid, and the particle swarm optimization (PSO) and binning method are used to optimize of the schedule of battery energy storage system (BESS). The numerical results demonstrated that the proposed hybrid approach is effective for the economic dispatch of microgrids. The outcomes of this paper can provide a systematic and effective approach for the microgrid operation.