Exchange market algorithm for multi-objective economic emission dispatch and reliability

This paper proposes exchange market algorithm (EMA) to solve economic emission dispatch and reliability (EEDR) problem in thermal power plants. The aim of EMA, inspired by the method of selling and purchasing of shares by elite stockholders, is to solve the optimization problems. The EMA is a new, robust and efficient algorithm to exploit the global optimum point in optimization problems. Existence of two seeking operators in EMA provides a high ability in exploiting global optimum point. In economic emission dispatch and reliability, it is tried to utilize generating units in a way that we have high reliability in supplying the system load demand as well as the minimum fuel costs. In this paper, the EMA is successfully implemented on two systems with 6 and 26 generating units considering economic and emission dispatch and system reliability. The obtained results are compared with other advanced techniques. The results well demonstrate the practical advantage of the exchange market algorithm over the other approaches.