Optimal Economic Dispatch of Grid-Interactive Renewable Prosumers with Hybrid Storage and Peer to Peer Energy Sharing Capabilities

Abstract

Currently, there is few research works focusing on the optimal power dispatch of hybrid renewable energy systems operating in conjunction with hybrid energy storage systems, precisely the combination of pumped hydro storage and battery storage systems. Moreover, there is a lack of studies that focusing on analysing the potential energy cost reduction resulting from the economic power dispatch applied to hybrid energy systems combining grid-interactive renewable energy sources with hybrid energy storages under the peer to peer energy sharing scheme. Given the fact that each of these concepts has the potential benefit of reducing the operation energy cost; this study proposes an optimal energy management model of two grid-interactive prosumers operating in a peer to peer energy sharing mode to supply the loads both from the hybrid renewable sources and hybrid storage systems whilst minimizing the cost of energy purchased from the national grid. Simulation were conducted using different scenarios linked to the internal power sharing pricing structures. The results showed that the proposed arrangement has the potential to reduce substantial energy cost; decrease the reliance of the prosumer from the grid as well as reducing the need of having a larger storage.