Review on the cost optimization of microgrids via particle swarm optimization

Economic analysis is an important tool in evaluating the performances of microgrid (MG) operations and sizing. Optimization techniques are required for operating and sizing an MG as economically as possible. Various optimization approaches are applied to MGs, which include classic and artificial intelligence techniques. Particle swarm optimization (PSO) is one of the most frequently used methods for cost optimization due to its high performance and flexibility. PSO has various versions and can be combined with other intelligent methods to realize improved performance optimization. This paper reviews the cost minimization performances of various economic models that are based on PSO with regard to MG operations and sizing. First, PSO is described, and its performance is analyzed. Second, various objective functions, constraints and cost functions that are used in MG optimizations are presented. Then, various applications of PSO for MG sizing and operations are reviewed. Additionally, optimal operation costs that are related to the energy management strategy, unit commitment, economic dispatch and optimal power flow are investigated.