"This book describes the use of metaheuristic applications in the analysis and design of electric power systems. This includes discussion of optimum energy and commitment of generation (nonrenewable & renewable) and load resources during day-to-day operations and control activities in regulated and competitive market structures, and transmission and distribution systems. Empathies are given to applications rather than theory and the organization of book are based on applications rather than tools. The book begins with an introduction and overview of applications in power and energy systems before moving on to planning and operation, control, and distribution. Further chapters cover the integration of reneweable energy and the smart grid and electricity markets before the editors provide their final conclusions. In the competitive electricity market along with automation, heuristic optimization methods are very useful. As electric utilities are trying to provide smart solutions with economical, technical (secure, stable and good power quality) and environmental goals, there are several challenging issues in the smart grid solutions such as, but not limited to, forecasting of load, price, ancillary services
penetration of new and renewable energy sources
bidding strategies of participants
power system planning & control
operating decisions under missing information
increased distributed generations and demand response in the electric market
tuning of controller parameters in varying operating conditions, etc. Risk management and financial management in electric sector are concerned with finding an ideal trade-off between maximizing the expected returns and minimizing the risks associated with these investments"-- Provided by publisher.
Includes bibliographical references and index.