Finite-time economic model predictive control for optimal load dispatch and frequency regulation in interconnected power systems

This paper presents a finite-time economic model predictive control (MPC) algorithm that can be used for frequency regulation and optimal load dispatch in multi-area power systems. Economic MPC can be used in a power system to ensure frequency stability, real-time economic optimization, control of the system and optimal load dispatch from it. A generalized terminal penalty term was used, and the finite-time convergence of the system was guaranteed. The effectiveness of the proposed model predictive control algorithm was verified by simulating a power system, which had two areas connected by an AC tie line. The simulation results demonstrated the effectiveness of the algorithm.