Build an Economic Dispatch model for Electricity Grids

Learn the theory and the code of Economic Dispatch, in Python and GAMS


What you'll learn
Learn what Economic Dispatch is for Electricity grids, and model it using Optimization
Learn to build an Optimization model from scratch
Learn Python and Pyomo to model the Optimization problem
Learn GAMS to model the Optimization model
Learn how to model Energy Storage in an Electricity Transmission System
Learn how to model the operation of Wind units in Optimization models
Learn how to model CO2 constraints in Optimization models

Requirements
No prerequisites are needed because the videos describe the code line-by-line and provide a detailed description of the theory.

Description
This course focuses on Economic dispatch for electricity transmission systems.
Key Points:
Learn how to develop an optimization model that conducts Economic Dispatch in an electricity system. In this system, electricity is generated from thermal power stations and renewables (wind farms), while also there is energy storage present in the system (which you will learn how to model).
The models are built using GAMS and Python (Pyomo). No prerequisites are needed.
Economic Dispatch is an economic study that finds how much electricity each of the power stations has to produce, so that all consumers get the electricity they need, at the minimum cost. This is a fundamental study in the economics of energy.
What is Economic Dispatch :
It is the most economical way of operating the power systems. It manages to minimize the overall cost of generating electricity while meeting the system's load demand and operational constraints. The primary goal is to determine the optimal power output of each generating unit in the system so that the total generation cost is minimized.
How it is modelled :
The economic dispatch problem takes into account several factors:
Generator cost functions: Each generating unit has its cost function, which represents the relationship between the power output and the cost of producing that power.
Power balance constraint: The total power generated must equal the total load demand plus transmission losses. This constraint ensures that the supply and demand are balanced at all times.
Generator limits: Each generating unit has its minimum and maximum power output limits, which must be respected during the dispatch process.
Transmission constraints: The power flow through transmission lines must not exceed their thermal limits to maintain system stability and security.
The economic dispatch problem is mathematically formulated as an optimization problem, where the objective function represents the total generation cost, and the constraints include the power balance, generator limits, and transmission constraints.
In practice, the dispatch instructions are sent to the generating units, which then adjust their power output accordingly.
Who this course is for:
Undergraduate and Postgraduate students
PhD candidates
Researchers
Academics
Energy professionals
Economists
Operations Research scientists
Energy modellers

More Info