Profit maximization of a wind-integrated deregulated system using V2G techniques and TCSC placement

Abstract

Profit maximization is crucial for both producers and customers in power grids, particularly in deregulated energy markets. By focusing on profit maximization measures, power grids can improve economic viability and sustainability for all stakeholders. The growing demand for electricity in modern civilization poses a significant challenge to the power grid’s ability to meet it. To address these difficulties, the power industry is attempting to integrate renewable sources into existing power facilities. Because of its unpredictable character, the presence of renewable energy in the electricity system becomes increasingly important and adds complexity to the grid. Given the intermittent nature of renewable sources, an energy storage device is required in this scenario. During the low-power use phase, the grid has ample power. Meanwhile, energy storage devices can be utilized to store extra power in the low power demand phase while maintaining the safety and stability of the power network during peak demand periods. V2G (Vehicle-to-Grid) technology is commonly employed to address the uncertainty of renewable resources while maintaining system stability. By using automobiles as transportable storage devices, V2G can make the best use of excess electricity during low-energy hours. Wind energy’s volatility causes imbalances, lowering system profitability. With wind energy integration, power system profitability can be improved by analyzing uncertainties and employing mitigation strategies. To overcome the issue, the research optimizes the use of V2G and TCSC (thyristor-controlled series compensator). V2G permits bidirectional power flow, lowering imbalance pricing (IP) while considering power demand. TCSC can increase the transient stability of transmission lines, hence reducing line faults. TCSC’s involvement in the system increases profitability by lowering congestion expenses. Strategic TCSC placement increases overall profitability. The approach strives to offer efficient, environmentally friendly power at a reasonable price while addressing the needs of both power providers and customers. This study also looks into the effects of V2G mixing on voltage stability, LMP (locational marginal price), and the effectiveness of a TCSC in a deregulated electrical system. MiPower software is used to simulate operation and find the optimal placement of the storage unit within the IEEE 14-bus system.