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Top1. Introduction
The ever- increasing population, rapid expansion in economy, growing development and prosperity across the globe, has resulted humongous electricity consumption. Under such circumstances, electric power sector has hit various milestones in terms of advancement in order to cope up with the growing energy demand. But, contrary to the development, the reality of reliance on the traditional fossil fuel based electricity generation is still not completely eliminated. Fossil fuel includes –coal, natural gas, oil etc, and are primarily exhaustible in nature. The conventional system of electricity generation which depends upon these fossil fuels tends to release harmful gases such as carbon dioxide, NOx, SOx etc into the environment, causing serious environmental issues like climate change, air pollution, and further global warming which causes serious impacts on the lives of human and various other forms of life. A major portion of global carbon dioxide emission is contributed by the energy and power sectors (IEA, 2020). Such serious environmental detritions are a matter of utmost concern and hence a balance between the rate of global development and environmental security has become an essential goal. In order to mitigate the environmental challenges, there is a huge call for the electric power industry to undergo a transition towards cleaner energy system with minimum or net zero carbon-dioxide emission along with the enhanced efficiency, reliability and higher degree of economy.
The classical Economic load dispatch (ELD) aims to allocate power outputs to the committed generator units with the objective of minimizing generation cost in compliance with all constraints of the network satisfied. However, to alleviate the environmental crisis and to make the entire system more resilient, incorporation of environmental factors to electric power system becomes crucial and thus the traditional economic load dispatch problem needs to be modified. The reshaping of the existing economic dispatch problem to match up with the environmental concerns in various forms has been a remarkable area of interest of many research studies (Sharifi et al., 2017) (Mustafa et al., 2018). Mandal et al., (2015) and Sayah et al. (2014) included the pollution level as constraint to the ELD problem, popularly known as ECED, emission constrained economic load dispatch. The objectives of minimizing the fuel cost as well as emission levels are conflicting in nature i.e. minimization of one leads to the, maximization of the other and thus inclusion of both the objectives leads to complexity (Edwin Selva Rex et al., 2019). So, in order to make an equity between fuel cost and emission level, some researchers such as Gherbi et al. (2016) and Ryu et al.(2020) proposed methods which simultaneously takes consideration of both cost of generation and environmental pollution termed as Combined economic emission dispatch (CEED) using price penalty factor. In CEED, the multi-objective optimization is converted into single objective optimization problem and hence reduces the complexity in handling multiple objectives. Modification of the existing dispatch strategy by these approaches resulted in various advantages, however, to make our system more resilient, newer approaches needs to be employed.