Daily Operation Optimization of a Hybrid Energy System Considering a Short-Term Electricity Price Forecast Scheme

Abstract

The scenario where the renewable generation penetration is steadily on the rise in an increasingly atomized system, with much of the installed capacity “sitting” on a distribution level, is in clear contrast with the “old paradigm” of a natural oligopoly formed by vertical structures. Thereby, the fading of the classical producer–consumer division to a broader prosumer “concept” is fostered. This crucial transition will tackle environmental harms associated with conventional energy sources, especially in this age where a greater concern regarding sustainability and environmental protection exists. The “smoothness” of this transition from a reliable conventional generation mix to a more volatile and “parti-colored" one will be particularly challenging, given escalating electricity demands arising from transportation electrification and proliferation of demand-response mechanisms. In this foreseeable framework, proper Hybrid Energy Systems sizing, and operation strategies will be crucial to dictate the electric power system’s contribution to the “green” agenda. This paper presents an optimal power dispatch strategy for grid-connected/off-grid hybrid energy systems with storage capabilities. The Short-Term Price Forecast information as an important decision-making tool for market players will guide the cost side dispatch strategy, alongside with the storage availability. Different scenarios were examined to highlight the effectiveness of the proposed approach.

Optimal Scheduling of a Residential Energy Prosumer Incorporating Renewable Energy Sources and Energy Storage Systems in a Day-ahead Energy Market

“…Based on this equation, energy demand by prosumer and consumer load as well as charging energy of ESSs should be equal to the energy supplied by RESs and discharging energy of ESSs. According to (10)(11), exchanges power with the grid (P E t ) is constrained to maximum and minimum values of allowable power which the EP is permitted to export or import.…”

“…Electricity price prediction is considered as critical information for electricity market participants and decision-makers. Although several methodologies have been proposed for the electricity price forecasting, which mostly differs in the model selection, data preprocessing, testing and calibration steps, the literature is limited in the field of electricity price prediction [10,11]. The principal reason for the limited work's roots in monopoly basis of electricity supplying systems, which has resulted in limited or absence of competition in electricity markets.…”

“…Some other researches are available that considered price forecasting in the day-ahead electricity market. In [11], optimal power dispatch strategy (OPDS) for an EP with BSS capabilities is presented. Short-term price forecasting is also applied, which is a critical decision-making tool for market players.…”

A goal programming model for grid-connected hybrid energy system operations

“…A life cycle cost analysis was also presented in their study with break-even point calculation for the hybrid solar water heating system. Bento et al [10] proposed an optimized control strategy for hybrid energy systems which contains photovoltaics, pumped-storage hydropower, and wind power under different scenarios. A hybrid energy system with grid-connection in Mali was optimized using HOMER software [11].…”

Self-Affine Analysis of ENSO in Solar Radiation

“…It has been indicated that, in the second half of this century, their contribution might range from 20% to more than 50% once we establish the correct government policies [2]. That has encouraged a large number of studies, mainly in the photovoltaic energy field [3][4][5][6].…”