Fifty years of power systems optimization

This review paper examines the evolution of power systems optimization over the past fifty years by considering two distinct periods: from 1970 to 1990 and from 1990 to the present. The initial period is typically defined by a centralized power system framework that prevailed around the world. The latter observes a transition to a decentralized structure in a market environment, marked by an increasing integration of renewables and advanced technologies, in addition to maintaining a centralized power system structure for some countries. Since we review the broad topic of power systems optimization, this analysis focuses on the main power system problems — investment, operation planning, operations, control, and forecasting — to define the main research streams. We provide a thorough exploration of the operations research methods applied to specific problem types within each period. Thus, this review not only underscores the pivotal role of operations research in addressing the challenges posed by changing landscapes and advanced technologies but also unveils the transformative journey of power systems optimization along with future research directions.