Optimum economic and emission dispatch using exchange market algorithm

•Maiden application of EMA in solving OAPD problem is proposed.•A single & multi-objective OAPD based problem is proposed instead of common EED.•Simulation results are compared with other reported literatures.•Consistency and robustness of this method confirm through statistical analysis.

In modern electric grid system, a decision maker (DM) has to operate the system with multiple aims in mind. Traditional electric system was not so complex and emphasis used to be given only in optimizing the cost of energy dispatch. However, recent regulations restrict the environmental emissions caused by the energy sources. Hence, optimum energy generation and dispatch is a very critical issue in modern grid system. When, viewed as an optimization problem complying with both economy and environmental restriction, it is a very challenging one. Researchers in the past have solved such problems as multi-objective Economic Load Dispatch (ELD) problem. This paper attempts to solve the same problem as an Optimum Active Power Dispatch (OAPD) problem using a very recently developed optimizer called ‘Exchange Market Algorithm’ (EMA). The problem is modelled as both single and multi-objective problem. The EMA algorithm proceeds for the global optima through two of its main phases; i.e. balance market phase and oscillated market phase, each having both exploitation and exploration. The superior search capability of EMA is successfully exploited in this paper to attain various objectives. Programs are developed in MATLAB and tested on standard IEEE 30 bus comprising of six thermal units. The results obtained using EMA are compared with other methods reported in consulted literature. Simulation results demonstrate the authority of EMA in terms of its computational efficiency and robustness.