Real-time economic dispatch (RTED) is performed every 5-15 min with the static snapshot forecast data. During the period between two consecutive schedules, generators participate in managing power imbalance, based on participation factors (PFs) from previous economic dispatch (ED). In modern power systems with considerable renewable energy sources that have high variability, this conventional approach may not adequately accommodate the economic implication of the said variability. This paper proposes the evaluation of “best-fit” PFs by taking into account the minute-to-minute variability of solar, wind, and load demand, for a scheduling period. Since “best-fit” PFs are evaluated only once, i.e., at the start of scheduling interval, the dimensionality of optimization problem remains the same as that of conventional approach. The proposed approach is suggested for sequential and dynamic variants. Results for two test systems have been obtained to verify the benefit of the proposed approach.

Future grid refers to the next generation of the electrical grid, which will enable smart integration of conventional, renewable, and distributed power generation, energy storage, transmission and distribution, and demand management

To sustain the complexity of growing demand, the conventional grid (CG) is incorporated with communication technology like advanced metering with sensors, demand response (DR), energy storage systems (ESS), and inclusion of electric vehicles (EV). In order to maintain local area energy balance and reliability, microgrids (MG) are proposed. Microgrids are low or medium voltage distribution systems with a resilient operation, that control the exchange of power between the main grid, locally distributed generators (DGs), and consumers using intelligent energy management techniques. This paper gives a brief introduction to microgrids, their operations, and further, a review of different energy management approaches. In a microgrid control strategy, an energy management system (EMS) is the key component to maintain the balance between energy resources (CG, DG, ESS, and EVs) and loads available while contributing the profit to utility. This article classifies the methodologies used for EMS based on the structure, control, and technique used. The untapped areas which have scope for investigation are also mentioned.