A Comparative Study on System Profit Maximization of a Renewable Combined Deregulated Power System

Abstract

Electrical energy plays a key role in the development of the social as well as the economic front. The power sector has historically been owned and operated by state agencies due to its tremendous importance. It has been restructured over time, and the power market is being deregulated. In terms of consumer prices, efficiency, and environmental implications, both regulated and deregulated electricity markets offer advantages and disadvantages. Policy-based techniques are typically used in regulated markets to address the costs of fossil-fuel resources and boost the viability of renewable energy sources. Renewables can be integrated into deregulated markets through a combination of regulatory and market-based measures to extend the system’s economic stability which has been deployed in this paper. As the need for energy has expanded dramatically over the last few decades, particularly in developing countries, the amount of greenhouse gas emissions has climbed rapidly, as have fuel prices, which are the key driving forces behind initiatives to use renewable energy sources more effectively. Despite the apparent benefits of renewable energy, it has significant downsides, such as generation of optimization methods applied to renewable consistency, because most renewable energy supplies are climate-dependent, necessitating complicated design, planning, and control optimization methods. There have been numerous optimization strategies applied to the renewable integrated deregulated electricity system. With the increased use of renewable energy, energy storage technology has grown in importance, as these devices can capture electricity generated by renewables during off-peak demand hours and put it back into the grid during peak demand periods. Using stored renewable energy instead of adding generation based on fossil fuel can help to minimize greenhouse gas emissions. There is an interest in better utilizing available power system capacity by implementing FACTS to maximize the social benefit in a deregulated system. As a result, effective FACTS device placement provides novel control capabilities in both steady-state power flow regulation and dynamic stability control. This study reviews several aspects of renewable integrated deregulated power systems and provides a clear picture of the most recent research developments on this subject. The main objectives of the reviews are the maximization of system profit, maximization of social welfare, and minimization of system generation cost and loss by optimal placement of energy storage devices and FACTS controllers.