Economical management of microgrid for optimal participation in electricity market

Nayak, Chinmay Kumar; Kasturi, Kumari; Nayak, Manas Ranjan

doi:10.1016/j.est.2018.12.027

Cited by 45 publications

(18 citation statements)

References 19 publications

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“…In (11), i = interest rate, T project = lifetime of the project, CRF (. )= capital recovery factor, and C annual = annualized total cost.…”

Section: ) Equality and Inequality Constraintsmentioning

confidence: 99%

“…Hybrid alternating current (AC)/ direct current (DC) MGs contain both DC and AC buses which can integrate both DC and AC sources and loads in the network [10]. To introduce these sources with conventional power sources, an appropriate energy management system (EMS) is needed [11]. An EMSbased multi-agent system (MAS) is conceptualized in [12] where a hybrid MG consisting of solar PV and hydro energy sources for high altitude using virtual bidding (VBD) and an optimal dispatch for the distributed generators is obtained.…”

Section: Introductionmentioning

confidence: 99%

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Techno-Economic and Power System Optimization of a Renewable Rich Islanded Microgrid Considering Different Dispatch Strategies

et al. 2021

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In this work, the evaluation of the design and optimization of proposed offgrid hybrid microgrid systems for different load dispatch strategies is presented by assessing the component sizes, system responses and different cost analyses of the proposed system. This study optimizes the sizing of the Barishal and Chattogram (two popular divisions in Bangladesh) hybrid microgrid systems consisting of wind turbine, storage unit, solar PV, diesel generator and a load profile of 27.31 kW for five dispatch techniques: (i) generator order,l (ii) cycle charging, (iii)oad following, (iv) HOMER predictive dispatch and (v) combined dispatch strategy. The considered microgrids are optimized for the least CO gas emission, Net Present Cost, and Levelized Cost of Energy. The two microgrids are analyzed for the five dispatch techniques using HOMER software, and subsequently, the power system performance and feasibility study of the microgrids are performed in MATLAB Simulink. The results in this research provide a guideline to estimate different component sizes and probable costing for the optimal operation of the proposed microgrids under various load dispatch conditions. The simulation results suggest that 'Load Following' is the best dispatch strategy for the proposed microgrids having a stable power system response with the lowest net present cost, levelized cost of energy, operating cost, and CO 2 emission rate. Additionally, the combined dispatch strategy is determined to be the worst dispatch technique for proposed off-grid hybrid microgrid design having the maximum levelized cost of energy, net present cost, operating cost and CO 2 emission.

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“…In (11), i = interest rate, T project = lifetime of the project, CRF (. )= capital recovery factor, and C annual = annualized total cost.…”

Section: ) Equality and Inequality Constraintsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Techno-Economic and Power System Optimization of a Renewable Rich Islanded Microgrid Considering Different Dispatch Strategies

et al. 2021

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“…The first stage aimed to minimize the operation cost of the MG, while the second one aimed to minimize real-time and day-ahead market costs imbalance. Nayak et al [20] introduced an optimization approach to minimize the operation cost of an MG with fixed and variable loads while considering different types of BSS. Three management strategies were investigated in this approach.…”

Section: Grid−tmentioning

confidence: 99%

“…BLC DOD PC battery (19) Hence, n R can be expressed as follows: (20) Accordingly, TIC BSS is expressed as:…”

Section: A Problem Statementmentioning

confidence: 99%

Robust Energy Management and Economic Analysis of Microgrids Considering Different Battery Characteristics

et al. 2020

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This paper presents the economic analysis and optimal energy management of a grid-connected MG that comprises renewable energy resources and different battery storage technologies with different characteristics such as initial charge, depth of discharge, and the number of charging/discharging cycles to minimize the total operating cost of the system by maximizing the benefits of BSS, minimizing the investment and replacement cost of BSS, and minimizing the operation and maintenance cost of DGs. Several constraints are considered, such as the output power limits of the distributed generators, the limits of power imported from or exported to the grid, load balance, and other sets of battery storage constraints. The general algebraic modeling system (GAMS) is used to solve the deterministic optimization problem. Second, stochastic optimization is used to solve the deterministic problem with market price uncertainty. Third, robust optimization using the information gap decision theory is presented to model the electric load uncertainty. The validity and effectiveness of the proposed solution are explained by comparing the results obtained by GAMS to the results obtained by other optimization techniques presented in the literature.

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“…The participation of EES units in reserve and energy markets based on a detailed bid/offer process is investigated in [28] with the inclusion of degradation cost. An intelligent energy management system for obtaining optimal set points of a hybrid energy system containing renewable unit, EES and the grid is presented in [29], where various types of EES are evaluated. A market participation model for pumped hydro storage systems in the day-ahead regulation market is introduced in [30], where the optimal offering and bidding of the storage units are determined for maximizing its profit.…”

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confidence: 99%

A Bi-Level Framework for Optimal Energy Management of Electrical Energy Storage Units in Power Systems

et al. 2020

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Economical management of microgrid for optimal participation in electricity market

Cited by 45 publications

References 19 publications

Techno-Economic and Power System Optimization of a Renewable Rich Islanded Microgrid Considering Different Dispatch Strategies

Techno-Economic and Power System Optimization of a Renewable Rich Islanded Microgrid Considering Different Dispatch Strategies

Robust Energy Management and Economic Analysis of Microgrids Considering Different Battery Characteristics

A Bi-Level Framework for Optimal Energy Management of Electrical Energy Storage Units in Power Systems

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