Pricing of POWER IN Deregulated Electricity Market using PSO

The deregulation of the electric power industry is one of the important aspects in the power sector. The deregulation of the electric power industry is intended to create market conditions, competitions and innovation etc. Under deregulation, among various issues, managing dispatch control is an important activity in a Power System. The economic load dispatch plays an important role in the operation of power system and several models by using different techniques have been used to solve these problems. Several traditional approaches, like lambda-iteration and gradient method are utilized to find out the optimal solution of non-linear problem. More recently, the soft computing techniques have received more attention and were used in a number of successful and practical applications. The purpose of this work is to find out the advantages of application of the evolutionary computing technique and Particle Swarm Optimization (PSO). Here, an attempt has been made to find out the minimum cost by using PSO using the data of six generating units.