Renewable energy sources (RESs) are a great source of power generation for microgrids with expeditious urbanization and increase in demand in the energy sector. One of the significant challenges in deploying RESs with microgrids is efficient energy management. Optimizing the power allocation among various available generation units to serve the load is the best way to achieve efficient energy management. This paper proposes a cost-effective multi-verse optimizer algorithm (CMVO) to solve this optimization problem. CMVO focuses on the optimal sharing of generated power in a microgrid between different available sources to reduce the generation cost. The proposed algorithm is analyzed for two different scale microgrids (IEEE 37-node test system and IEEE 141-node test system) using IEEE test feeder standards to assess its performance. The results show that CMVO outperforms multi-verse optimizer (MVO), particle swarm optimization (PSO), artificial hummingbird algorithm (AHA), and genetic algorithm (GA). The simulation results emphasize the cost reduction and execution time improvement in both IEEE test systems compared with other meta-heuristic algorithms.

A microgrid is an autonomous electrical system that consists of renewable energy and efficiently achieves power balance in a network. The complexity in the distribution network arises due to the intermittent nature of renewable generation units and varying power. One of the important objectives of a microgrid is to perform energy management based on situational awareness and solve an optimization problem. This paper proposes an enhanced multi-objective multi-verse optimizer algorithm (MOMVO) for stochastic generation power optimization in a renewable energy-based islanded microgrid framework. The proposed algorithm is utilized for optimum power scheduling among various available generation sources to minimize the microgrid’s generation costs and power losses. The performance of MOMVO is assessed on a 6-unit and 10-unit test system. Simulation results show that the proposed algorithm outperforms other metaheuristic algorithms for multi-objective optimization.