New economic dispatch algorithm considering any higher order generation cost functions

In this paper, a new Economic Dispatch (ED) algorithm for Unit Commitment (UC) is proposed to improve both the accuracy of the final solution and the calculation speed of ED. By using the inverse incremental cost functions, ED can be transformed into a simple optimization problem associated with an nth order polynomial equation. The proposed method remarkably reduces the computation time with adaptability to any higher order generation cost functions. The proposed method is tested with sample systems, which shows that the proposed algorithm yields more accurate and economical generation scheduling results with a high computation speed.