PSO-based optimization toward intelligent dynamic pricing schemes parameterization

•Dynamic pricing can be used to influence demand, and encourage customers to shift their loads to off-peak times.•Two dynamic pricing schemes are used, compared, and evaluated; the percentage reduction scheme, and the clipping scheme.•Particle Swarm Optimization (PSO) was used to find optimal parameter values for the dynamic pricing schemes used.•Results show that significant reductions in generation cost, or increase in profit can be obtained with the use of optimized parameters.