Economic dispatch

Economic Dispatch

Economic Dispatch (pronunciation: /ˌiːkəˈnɒmɪk dɪˈspætʃ/) is a critical concept in the field of Power Systems Engineering. It refers to the short-term determination of the optimal output of a number of electricity generation facilities, to meet the system load, at the lowest possible cost, subject to transmission and operational constraints.

Etymology

The term "Economic Dispatch" is derived from the combination of two words. "Economic", from the Greek word "oikonomikos", meaning skilled in household management, and "Dispatch", from the Italian word "dispacciare", meaning to send off or away. In the context of power systems, it refers to the management and allocation of resources in the most cost-effective manner.

Related Terms

Load Dispatch: It is the process of determining the optimal load distribution among the available generators to meet the demand at any given time.

Unit Commitment: It is a decision-making process used in power system operation to determine the on/off status of the electricity generating units.

Power System Optimization: It is the application of mathematical methods by specialized software to make a best possible decision regarding the operation and planning of power system.

Power System Operation: It is a series of activities from controlling and maintaining of power generation, voltage levels, power factor and frequency to make power transmission safe, reliable and economic.

Power System Planning: It is a process of making decisions for new power generation, transmission and distribution projects considering the future load growth, technology changes, renewable energy integration, regulatory requirements and economic factors.

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Economic dispatch