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Electrical power systems are the lifeblood of modern civilization, providing the essential energy infrastructure that powers our homes, industries, and technologies. As our world increasingly relies on electricity, and modern power systems incorporate renewable energy sources, the challenges have become more complex, necessitating advanced forecasting and optimization to ensure effective operation and sustainability. This review paper provides a comprehensive overview of electrical power systems and delves into the crucial roles that forecasting and optimization play in ensuring future sustainability. The paper examines various forecasting methodologies from traditional statistical approaches to advanced machine learning techniques, and it explores the challenges and importance of renewable energy forecasting. Additionally, the paper offers an in-depth look at various optimization problems in power systems including economic dispatch, unit commitment, optimal power flow, and network reconfiguration. Classical optimization methods and newer approaches such as meta-heuristic algorithms and artificial intelligence-based techniques are discussed. Furthermore, the review paper examines the integration of forecasting and optimization, demonstrating how accurate forecasts can enhance the effectiveness of optimization algorithms. This review serves as a reference for electrical engineers developing sophisticated forecasting and optimization techniques, leading to changing consumer behaviors, addressing environmental concerns, and ensuring a reliable, efficient, and sustainable energy future.

Within microgrids (MGs), the integration of renewable energy resources (RERs), plug-in hybrid electric vehicles (PHEVs), combined heat and power (CHP) systems, demand response (DR) initiatives, and energy storage solutions poses intricate scheduling challenges. Coordinating these diverse components is pivotal for optimizing MG performance. This study presents an innovative stochastic framework to streamline energy management in MGs, covering proton exchange membrane fuel cell–CHP (PEMFC-CHP) units, RERs, PHEVs, and various storage methods. To tackle uncertainties in PHEV and RER models, we employ the robust Monte Carlo Simulation (MCS) technique. Challenges related to hydrogen storage strategies in PEMFC-CHP units are addressed through a customized mixed-integer nonlinear programming (MINLP) approach. The integration of intelligent charging protocols governing PHEV charging dynamics is emphasized. Our primary goal centers on maximizing market profits, serving as the foundation for our optimization endeavors. At the heart of our approach is the Meerkat Optimization Algorithm (MOA), unraveling optimal MG operation amidst the intermittent nature of uncertain parameters. To amplify its exploratory capabilities and expedite global optima discovery, we enhance the MOA algorithm. The revised summary commences by outlining the overall goal and core algorithm, followed by a detailed explanation of optimization points for each MG component. Rigorous validation is executed using a conventional test system across diverse planning horizons. A comprehensive comparative analysis spanning varied scenarios establishes our proposed method as a benchmark against existing alternatives.