Techno-Economic Analysis and Optimization of Hybrid Renewable Energy System with Energy Storage under Two Operational Modes

Abstract

Access to cheap, clean energy has a significant impact on a country’s ability to develop sustainably. Fossil fuels have a major impact on global warming and are currently becoming less and less profitable when used to generate power. In order to replace the diesel generators that are connected to the university of Debre Markos’ electrical distribution network with hybrid renewable energy sources, this study presents optimization and techno-economic feasibility analyses of proposed hybrid renewable systems and their overall cost impact in stand-alone and grid-connected modes of operation. Metaheuristic optimization techniques such as enhanced whale optimization algorithm (EWOA), whale optimization algorithm (WOA), and African vultures’ optimization algorithm (AVOA) are used for the optimal sizing of the hybrid renewable energy sources according to financial and reliability evaluation parameters. After developing a MATLAB program to size hybrid systems, the total current cost (TCC) was calculated using the aforementioned metaheuristic optimization techniques (i.e., EWOA, WOA, and AVOA). In the grid-connected mode of operation, the TCC was 4.507 × 106 EUR, 4.515 × 106 EUR, and 4.538 × 106 EUR, respectively, whereas in stand-alone mode, the TCC was 4.817 × 106 EUR, 4.868 × 106 EUR, and 4.885 × 106 EUR, respectively. In the grid-connected mode of operation, EWOA outcomes lowered the TCC by 0.18% using WOA and 0.69% using AVOA, and by 1.05% using WOA and 1.39% using AVOA in stand-alone operational mode. In addition, when compared with different financial evaluation parameters such as net present cost (NPC) (EUR), cost of energy (COE) (EUR/kWh), and levelized cost of energy (LCOE) (EUR/kWh), and reliability parameters such as expected energy not supplied (EENS), loss of power supply probability (LPSP), reliability index (IR), loss of load probability (LOLP), and loss of load expectation (LOLE), EWOA efficiently reduced the overall current cost while fulfilling the constraints imposed by the objective function. According to the result comparison, EWOA outperformed the competition in terms of total current costs with reliability improvements.

A Multi-Objective Approach to Hybrid Renewable Energy Systems: Cascading Hydropower for Solar and Wind Variability Compensation

“…Equations ( 5) and ( 6) display a multi-objective model that considers the amount of electric energy production as well as the smoothness of the output variation of the hybrid power system [25].…”

Optimal sizing and location of grid-interfaced PV, PHES, and ultra capacitor systems to replace LFO and HFO based power generations

“…It is possible to compensate for the intermittent nature of renewable energy sources by using PHES technology to support a microgrid hybrid solar-wind system 43 . Several studies have examined the integration of fast-response storage systems, such as superconducting magnetic energy storage (SMES), with the PHES 44 – 46 . The purpose of the SMES system was to provide energy as needed during the transitional periods necessary for the start-up of the primary storage system, the PHES.…”