A Review - Economic Operation of Power System

The main aim in the economic dispatch problem is to minimize the total cost of generating power at various station while satisfying the load and the loss in the transmission system. The economic operation of power system means to schedule the committed generator to meet the load and maintain voltage and frequency within prescribed tolerances and minimize operating cost with higher efficiency without stressing the equipment. This Restructuring and deregulation of the electricity industry is a movement with the aim of achieving lower prices to customers through cost savings. The deregulation of electric power systems in many parts of the world has changed the mechanism of electricity pricing. The evolution of power restructuring and deregulation policies in India needed to be considered to produce full benefits from power utility deregulation. An important possible effect of deregulation may be a reduction in maintenance and in new investments.