Optimization of Economic Power Dispatch in Microgrid Featuring Renewable Resources

Microgrid systems, comprised of diverse power-generating units, represent a prevalent strategy in modern times for ensuring reliable power transmission. The economic dispatch of these units is pivotal for minimizing electrical costs for consumers. This paper employs convex optimization techniques to facilitate the economic dispatch of generators while incorporating renewable resources such as wind and solar power. The optimization process is divided into three main stages: initially, achieving economic dispatch for the generators, followed by their integration with wind power, and subsequently with solar power. Leveraging convex optimization, the study meticulously considers objective functions formulated for the economic dispatching of generators, encompassing the maintenance and operating costs of renewable energies. Through this approach, economic dispatch is achieved while considering both conventional generators and renewable energy sources. The outcome shows, operational costs are notably reduced, providing valuable insights into the economic advantages of renewable energy integration.