Impacts of reconfigurable scheduling on the economic section of power distribution and transmission in a day ahead electricity market.

• This article provides a unique way of representing economic enhancement for the distribution side & transmission side. • This article proposed a novel scheduling approach for the profit maximisation for the distribution side and maximisation of the social welfare for the transmission side, considering all the system constraints. • This paper introduces a novel multiobjective optimisation approach for showing the economic benefit for the distribution side & transmission side, this optimization also shows a faster approach compared to the conventional optimisation. Introducing renewable energy sources (RES) has enhanced the economic benefits in the energy market. However, due to the unpredictable nature of RES, optimal usage of these sources is essential from an economic point of view. To obtain the maximum benefit, this paper presents a novel way of power scheduling named reconfigurable scheduling (RGMGS) for the distribution side (DS) and transmission side (TS) at the same go. The proposed method has shown a significant improvement in the profit (PR) for DS and social welfare (SW) for TS simultaneously. Both cases have shown a 10 %-15 % improvement using the proposed method; this scheduling has also reduced the power loss in the DS by 20 %. Moreover, the proposed scheduling has also improved the Locational Marginal Prices (LMP) in TS by 3 %-4 % per hour, facilitating effective economic transactions and contracts. To get the best-optimized results, a novel multi-objective improved time-varying acceleration coefficient particle swarm optimisation (ITVACPSO) has also been proposed, which has shown a better and faster result compared with the conventional optimisation tools PSO, TVAC-PSO & Genetic Algorithm (GA). The modified IEEE 69 bus & modified IEEE14 bus systems have been considered for validating the proposed approach. [ABSTRACT FROM AUTHOR]