Multi-Objective Energy Management of a Micro-Grid Considering Stochastic Nature of Load and Renewable Energy Resources

Ahmed, Deyaa; Ebeed, Mohamed; Ali, Abdelfatah; Alghamdi, Ali S.; Kamel, Salah

doi:10.3390/electronics10040403

Cited by 49 publications

(24 citation statements)

References 45 publications

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“…While the generic discounted cash flow (DCF) approach using the net present value (NPV) criterion is generally adopted to evaluate investments, the DCF method is inappropriate for a rapidly changing investment situation (Dixit and Pindyck [20]; Herath and Park [21]; Lee and Shih [11]) and does not consider managerial flexibility in investment decisions (Hayes and Abernathy [23]; Hayes and Garvin [24]; Trigeorgis and Mason [25]; Trigeorgis [26]). In the current study, we consider a two-stage approach-one turbine at the 1st stage and a field of 50 at the 2nd stage; along with the possibility to withdraw at the 2nd stage.…”

Section: Methodsmentioning

confidence: 99%

“…The main purpose of this paper is to study the effect of energy value fluctuations on the assessment of the profitability of wind turbine facilities using the real option analysis method. The economic output of a wind turbine installation is a function of its electric energy output [23][24][25] and the value of market energy. The electric energy output is a function of the turbine used and wind speed statistics.…”

Section: Introductionmentioning

confidence: 99%

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Valuation of Wind Energy Turbines Using Volatility of Wind and Price

2021

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The limitedness of the nonrenewable local energy resources in Israel, even in the background of the later gas fields’ findings, continues to force the state to devote various efforts towards ‘green’ energy development. These efforts include installations, both for the solar and for wind energy, thus improving the diversity of energy sources. While the standard discounted cash flow (DCF) method using the net present value (NPV) criterion is extensively adopted to evaluate investments, the standard DCF method is inappropriate for the rapidly changing investment climate and for the managerial flexibility in investment decisions. In recent years, the real options analysis (ROA) technique has been widely applied in many studies for the valuation of renewable energy investment projects. Taking into account the above background, we apply, in this study, the real options analysis approach for the valuation of wind energy turbines and apply it to the analysis of wind energy economic potential in Israel, which is the context of our work. We hypothesize that due to nature of wind energy production uncertainties, the ROA method is better than the alternative. The novelty of this paper includes the following: real world wind statistics of the Merom Golan site in Israel (velocity 3.73 m/s, with a standard deviation of 2.03 m/s), a realistic power generation estimation (power generation of 1205.84 kW with a standard deviation of about 0.5% in annual value which is worth about 1.3 M$ per annum), and an economic model to evaluate the profitability of such a project. We thus discuss the existing challenges of diversifying renewable energy sources in Israel by adding wind installations. Our motivation is to introduce a method which will allow investors and officials to take into account uncertainties when deciding in investing in such wind installations. The outcomes of the paper, which are obtained using the method of Weibull statistics and the Black–Scholes ROA technique, include the result that market price volatility adds to the uncertainties much more than any wind fluctuations, provided that the analysis is integrated over a long enough time.

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Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Valuation of Wind Energy Turbines Using Volatility of Wind and Price

2021

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“…There are several studies on optimizing the size of energy storage systems, focusing on peak shifting and renewable smoothing, along with ancillary services such as voltage regulation and frequency regulation [28,37,38]. In [39], a multi-objective equilibrium optimizer was used to achieve operational and economic efficiency by integrating renewable energy sources into the grid. In [40], an optimal combination of PV systems and DSTATCOM was achieved using the multi-objective modified ant lion optimizer.…”

Section: Literature Reviewmentioning

confidence: 99%

Optimal Sizing of Battery-Integrated Hybrid Renewable Energy Sources with Ramp Rate Limitations on a Grid Using ALA-QPSO

Nuvvula

Elangovan

Kishore³

et al. 2021

Energies

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Higher penetration of variable renewable energy sources into the grid brings down the plant load factor of thermal power plants. However, during sudden changes in load, the thermal power plants support the grid, though at higher ramping rates and with inefficient operation. Hence, further renewable additions must be backed by battery energy storage systems to limit the ramping rate of a thermal power plant and to avoid deploying diesel generators. In this paper, battery-integrated renewable energy systems that include floating solar, bifacial rooftop, and wind energy systems are evaluated for a designated smart city in India to reduce ramping support by a thermal power plant. Two variants of adaptive-local-attractor-based quantum-behaved particle swarm optimization (ALA-QPSO) are applied for optimal sizing of battery-integrated and hybrid renewable energy sources to minimize the levelized cost of energy (LCoE), battery life cycle loss (LCL), and loss of power supply probability (LPSP). The obtained results are then compared with four variants of differential evolution. The results show that out of 427 MW of the energy potential, an optimal set of hybrid renewable energy sources containing 274 MW of rooftop PV, 99 MW of floating PV, and 60 MW of wind energy systems supported by 131 MWh of batteries results in an LPSP of 0.005%, an LCoE of 0.077 USD/kW, and an LCL of 0.0087. A sensitivity analysis of the results obtained through ALA-QPSO is performed to assess the impact of damage to batteries and unplanned load appreciation, and it is found that the optimal set results in more energy sustainability.

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“…At the same time, due to the improper disposal of burning waste, it causes serious pollution of water re-sources and affects people's lives. Under the urgent need for environmental governance and energy supply, many countries have begun to conduct research on pollution-free, high-safety and sustainable renewable energy [1].…”

Section: Introductionmentioning

confidence: 99%

Research on Control Strategy of Isolated DC Microgrid Based on SOC of Energy Storage System

Wang

et al. 2021

Electronics

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With the rapid development of renewable energy technologies, islanded DC microgrids have received extensive attention in the field of distributed power generation due to their plug-and-play, flexible operation modes and convenient power conversion, and are likely to be one of the mainstream structures of microgrids in the future. The islanded DC microgrid contains multiple distributed power generation units. The battery energy storage system (BESS) is the main controlled unit used to smooth power fluctuations. The main parameter of concern is the state of charge (SOC). In order to maintain the stability of the microgrid, this paper takes the islanded DC microgrid as the research object and designs a control strategy based on the SOC of the BESS. Additionally, in the control strategy, the BESS’s energy balance control strategy and the microgrid’s operation control strategy are emphatically designed. The designed BESS control strategy adjusts the droop coefficient in real time according to the SOC of the battery energy storage unit (BESU), and controls the charge and discharge power of the BESU to achieve the SOC balance among the BESUs. The microgrid operation control strategy takes the energy storage system (ESS) as the main controlled unit to suppress power fluctuations, and distributes the power of distributed power sources according to the SOC of the BESS to achieve power balance in the microgrid, and control the DC bus voltage fluctuation deviation within 4.5%.

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Multi-Objective Energy Management of a Micro-Grid Considering Stochastic Nature of Load and Renewable Energy Resources

Cited by 49 publications

References 45 publications

Valuation of Wind Energy Turbines Using Volatility of Wind and Price

Valuation of Wind Energy Turbines Using Volatility of Wind and Price

Optimal Sizing of Battery-Integrated Hybrid Renewable Energy Sources with Ramp Rate Limitations on a Grid Using ALA-QPSO

Research on Control Strategy of Isolated DC Microgrid Based on SOC of Energy Storage System

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