I have seen it done for an area that included the third largest city in the country.
The diesel sets were run over excited to compensate for reactive transmission line losses.
Fuel consumption. Look at the manufacturer's specs for 25% load fuel consumption.
To estimate low load fuel consumption, assume that the set uses 13 Gallons per Kilo Watt Hour to service the load.
From the consumption at 25% load, subtract the consumption of 25% at 13 Gallons per Kilo Watt Hours to get the no load consumption.
To that, add the consumption for the intended load.
Rough calcs but it will get you in the ball park.
Issues at light loading.
Slobbering or oil pumping. The design of the piston rings uses the pressure of combustion to force the rings against the cylinder walls.
If the rings are not well seated to the cylinder walls, they may pump oil out the exhaust.
This can be an issue with new sets and with high hour sets.
I have had two sets that pumped oil badly on the first run. The load on a standby set is what it is. After all the advice and direction as to avoiding light loading, many standby sets must accept load profiles that include too many hours at too little load.
It is what it is.
The remedy for a new set is to bring in a load bank and run the set loaded for a few days. Expect to use a lot of fuel and to boil off a lot of water.
If you are using a standby set, any amount of oil pumped out is dangerous.
After extended use at no load or light load you may have oil in the exhaust system. In the event of a power failure when the set is called upon to deliver full power, you may have balls of burning oil blowing out the exhaust stack.
Run the Automatic Voltage Regulator in PF mode.
In the event of a power failure you should make provision for the AVR to switch over to voltage control mode.
Be sure to incorporate a reverse power relay. Use it to shunt trip the generator breaker.
Many hours at light loading may eventually lead to slobbering on an originally well performing engine.
Look for a surplus synchronous motor. That is a better solution.
Bill
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"Why not the best?"
Jimmy Carter