Optimal coordination of energy sources for standalone MG incorporating the concepts of locational marginal price

Microgrids (MGs) are emerging as an essential means in the energy sector due to their many advantages. Power sharing between MGs or MG to the grid, which can lower MGs' investment and operating expenses, is one of the advantages. In this paper, the locational marginal price (LMP) concept is introduced in a standalone MG to share the power among the generators efficiently and reduce network congestion and losses. A modified IEEE 14-bus test system is utilized as an MG to confirm the viability of the suggested approach. A new binary jellyfish search algorithm is suggested to handle the optimization problem. The obtained results show that the suggested technique, when compared to the binary particle swarm optimization technique, can significantly reduce the average LMP by up to 7 % and, as a result, minimize network congestion and power loss costs by up to 5 % and 15 %, respectively.