Economic optimization of operations for hybrid energy systems under variable markets

Chen, Jun; García, Humberto E.

doi:10.1016/j.apenergy.2016.05.056

Cited by 59 publications

(31 citation statements)

References 47 publications

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“…A variety of optimization methodologies were found to have been utilized including numerical methods [8,9] and metaheuristic methods such as genetic algorithms [10--14] and PSO [15--20]. In recent times, research has focused heavily 115 towards hybrid renewable energy systems and microgrids [11,12,14,20,21]. However given hybrid systems predominantly find applications in medium to a large scale energy systems, the objectives, assumptions and methodology are not well-suited to small-scale residen-120 tial systems.…”

Section: Literature Reviewmentioning

confidence: 99%

Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Every

Dorrell

2017

Applied Energy

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The introduction of smart grid technologies and the impending removal of incentive schemes is likely to complicate the cost-effective selection and integration of residential PV systems in the future. With the widespread integration of smart meters, consumers can leverage the high temporal resolution of energy consumption data to optimize a PV system based on their individual circumstances. In this article, such an optimization strategy is developed to enable the optimal selection of size, tilt, azimuth and retail electricity plan for a residential PV system based on hourly consumption data. Hourly solar insolation and PV array generation models are presented as the principal components of the underlying objective function. A net present value analysis of the potential monetary savings is considered and set as the optimization objective. A particle swarm optimization algorithm is utilized, modified to include a penalty function in order to handle associated constraints. The optimization problem is applied to real-world Australian consumption data to establish the economic performance and characteristics of the optimized systems. For all customers assessed, an optimized PV system producing a positive economic benefit could be found. However not all investment options were found to be desirable with at most 77.5% of customers yielding an acceptable rate of return. For the customers assessed, the mean PV system size was found to be 2 kW less than the mean size of actual systems installed in the assessed locations during 2015 and 2016. Over-sizing of systems was found to significantly reduce the potential net benefit of residential PV from an investor's perspective. The results presented in this article highlight the necessity for economic performance optimization to be routinely implemented for small-scale residential PV under current regulatory and future smart grid operating environments.

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Section: Literature Reviewmentioning

confidence: 99%

Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Every

Dorrell

2017

Applied Energy

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“…Many researchers have dealt with downtown areas and islands [27,28]. Recently, there also has been research on green islands and their influence on both energy independence and hybrid power systems in Southeast Asian countries, especially in South Korea (Table 1) [29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45]. [29] Optimal renewable power generation systems for Busan metropolitan city in South Korea PV-WT-Battery-Converter Using the hybrid renewable energy system in Metropolitan city with 100% of renewable fractions.…”

Section: Case Study Descriptionmentioning

confidence: 99%

“…Jun Chen & Humberto E. Garcia (2016) [42] Economic optimization of operations for hybrid energy systems under variable markets …”

Section: Dg-pv-wt-battery-convertermentioning

confidence: 99%

Comparative Analysis between the Government Micro-Grid Plan and Computer Simulation Results Based on Real Data: The Practical Case for a South Korean Island

et al. 2017

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Greenhouse gas (GHG) emissions, which are produced through the combustion of fossil fuels, cause climate change. Unfortunately, South Korea is highly dependent on fossil fuels because of its industrial nature. However, many islands in South Korea have the potential to generate a considerable amount of renewable energy, which should be studied. KEPCO (Korea Electricity Power Corporation), which runs micro-grid facilities in Gasado Island in Jindo, South Korea, built micro-grid facilities in Mozambique in 2015. The micro-grid construction of Gasado Island is considered one of the most successful micro-grid projects of KEPCO, so KEPCO is hoping to expand energy development overseas and become a top-tier global power company. This study aims to find a more technologically and economically optimal hybrid energy system for Gasado Island that KEPCO should have built. We also compared this optimal solution to the Korean government plan. The Korean government plan is the same as the KEPCO plan because KEPCO is classified as a market-oriented public corporation under the Act on the Management of Public Institutions. In the final section of this paper, both the implications and limitations are discussed in detail.

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“…Most of the studies focused on economic operating optimization of HES [8][9][10][11]. Others have proposed theoretical modeling and optimization methods to ensure the stability and efficiency of HES [11][12][13].…”

Section: Introductionmentioning

confidence: 99%

Economic optimization on two time scales for a hybrid energy system based on virtual storage

Yang

Guo

2018

J. Mod. Power Syst. Clean Energy

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This paper proposes an economic optimization method with two time scales for a hybrid energy system based on the virtual storage characteristic of a thermostatically controlled load (TCL). The optimization process includes two time scales in order to ensure accuracy and efficiency. Based on the forecast load and energy supply of the system, the first time scale is day-ahead economic operating optimization, carried out to determine the minimum operating cost for the whole day, and to find the period of greatest cost to which the second time scale optimization is applied. Using the virtual storage characteristic, the second time scale is short term detailed optimization carried out for these particular hours. By dispatching thermal load in this period and adjusting energy supply accordingly, we can find the optimal economic performance, and customer requests are taken into account to ensure satisfaction. A case study in Tianjin illustrates the effectiveness of this method and proves that a TCL can make a great contribution to improving the economic performance of a hybrid energy system.

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Economic optimization of operations for hybrid energy systems under variable markets

Cited by 59 publications

References 47 publications

Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Comparative Analysis between the Government Micro-Grid Plan and Computer Simulation Results Based on Real Data: The Practical Case for a South Korean Island

Economic optimization on two time scales for a hybrid energy system based on virtual storage

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