A Consensus-based Approach for Economic Dispatch considering Multiple Fueling Strategy of Electricity Production Sector over a Smart Grid

The purpose of this study is to provide a consensus-based solution for addressing the economic dispatch problem en-countered by power dispatching firms in microgrids. The classic economic dispatch cost function with multiple fueling options is modelled as a composite cost function from which the composite incremental cost function is generated by utilising knowledge of polynomial curve fitting. A semi-distributed consensus-based technique is used to address the composite incremental cost issue while taking into account the multiple fuel selection (MFS) strategy used by private sector energy providers to provide power to consumers at the most cost-effective feasible pricing. The suggested method successfully overcomes the supply-demand mismatch constraints while establishing consensus. Additionally, composite incremental cost tracking and exponential optimization are also accomplished. Finally, the simulation and results demonstrate the effectiveness of the suggested design method for achieving exponential exponential convergence stability.