Optimal Asset Planning for Prosumers Considering Energy Storage and Photovoltaic (PV) Units: A Stochastic Approach

Abstract

In the distribution system, customers have increasingly use renewable energy sources and battery energy storage systems (BESS), transforming traditional loads into active prosumers. Therefore, methodologies are needed to provide prosumers with tools to optimize their investments and increase business opportunities. In this paper, a stochastic mixed integer linear programming (MILP) formulation is proposed to solve for optimal sizes of prosumer assets, considering the use of a BESS and photovoltaic (PV) units. The objective is to minimize the total cost of the system, which is defined as the combination of a solar PV system investment, BESS investment, maintenance costs of assets, and the cost of electricity supplied by the grid. The developed method defines the optimal size of PV units, the power/energy capacities of the BESS, and the optimal value for initial energy stored in the BESS. Both deterministic and stochastic approaches were explored. For each approach, the proposed model was tested for three cases, providing a varying combination of the use of grid power, PV units, and BESS. The optimal values from each case were compared, showing that there is potential to achieve more economic plans for prosumers when PV and BESS technologies are taken into account.

A Metaheuristic Algorithm for Flexible Energy Storage Management in Residential Electricity Distribution Grids

“…Such coalitions can use storage to participate in the wholesale market [21]. The optimal size of PV and power/energy capacities of the battery are investigated in [22] and [23].…”

Community Resilience-Oriented Optimal Micro-Grid Capacity Expansion Planning: The Case of Totarabank Eco-Village, New Zealand

“…3 The replacement and O&M costs were adjusted in accordance with the capital-to-replacement and capital-to-O&M cost ratios used in [44][45][46]. 4 The approximate average operational service life of small and micro WTs is 120,000 h. However, since they do not operate at wind speeds below cut-in, their service life is typically considered as 20 years [47]. 5 N/A: Not applicable, since the WT's performance is modelled by its characteristic power-speed curve, in the same way as in [48].…”

“…The obtained total minimum capacity was then divided by the maximum charging capacity of each charger and rounded up to the nearest integer to obtain the optimal number of chargers. 4 The optimal size of the EVSE is defined based on the maximum charging capacity of each charger. 5 TNPC represents the conceptualised MG's "total net present cost".…”

“…The power industry has accordingly seen an ever-increasing penetration of distributed energy resources into utility grids. The key drivers behind the stakeholders' willingness towards additional, often non-trivial, capital investments for resilience capacity are [4][5][6]: (1) the constantly falling costs of renewable energy technologies, which are transforming the economics of green energy, most notably solar photovoltaic (PV) panels and battery energy storage systems (BESSs), (2) the growing awareness about the inadequacy of current approaches to energy resilience at community-scale, specifically the use of diesel generators to provide backup power during utility grid outages, and (3) the growth of engaged prosumers, who place great value on their energy self-sufficiency for sustainable living.…”

Techno-Economic Optimization Analysis of an Autonomous Photovoltaic Power System for a Shoreline Electrode Station of HVDC Link: Case Study of an Electrode Station on the Small Island of Stachtoroi for the Attica–Crete Interconnection

“…During the last three decades many renewable isolated power systems have been installed powering a small electric machine, i.e., air conditioner [1] or a house [2] of a few kilowatts to an autonomous power system for a community [3] or an island [4] of megawatts (MW). The photovoltaic plants with energy storage systems can serve various purposes, i.e., avoiding transmission network expansion [5], transforming traditional load customers into active consumers [6], and providing reserve services to distribution network [7].…”