Multi-objective optimization techniques and applications in electric power systems

Abstract

Efficient operation and planning of power systems is important for a reliable and sustainable electricity supply. Therefore, optimization techniques have been applied to several optimization problems in power systems in order to achieve technical and economic efficiency. This paper presents an overview of existing optimization techniques and applications in power systems, with a special focus on multi-objective optimization in power system planning. Power system planning is by its nature a very complex multi-objective optimization problem involving perspectives of different stakeholders. Besides, a single stakeholder can also have various objectives that need to be optimized at the same time. This paper provides a review of the state-of-the-art in multi-objective evolutionary algorithms applied to power systems planning problems.