Abstract
Economic dispatch has a significant effect on optimal economical operation in the power systems in industrial revolution 4.0 in terms of considerable savings in revenue. Various non-linearity are added to make the fossil fuel-based power systems more practical. In order to achieve an accurate economical schedule, valve point loading effect, ramp rate constraints, and prohibited operating zones are being considered for realistic scenarios. In this paper, an improved, and modified version of conventional particle swarm optimization (PSO), called Oscillatory PSO (OPSO), is devised to provide a cheaper schedule with optimum cost. The conventional PSO is improved by deriving a mechanism enabling the particle towards the trajectories of oscillatory motion to acquire the entire search space. A set of differential equations is implemented to expose the condition for trajectory motion in oscillation. Using adaptive inertia weights, this OPSO method provides an optimized cost of generation as compared to the conventional particle swarm optimization and other new meta-heuristic approaches.