Fixed-time consensus-based economic dispatch for smart grid

This paper proposes a new fixed-time consensus-based economic dispatch approach for smart grid. First, an economic dispatch model composed of cost function, power balance equation and active power constraint is established. Next, a Lagrange function including objective function, equality and inequality constraints is constructed. Then, fixed-time consensus algorithm is proposed to coordinate all the power generation agents to reach consensus on incremental costs. Finally, IEEE 14-bus system is taken as an example to show that the proposed economic dispatch algorithm is effective. The presented algorithm is fully distributed and can handle equality and inequality constraints effectively. Besides, the presented algorithm can minimize the generation costs and reach optimal value within a fixed time that can be prescribed by the designers.