Multiobjective Scheduling of Hybrid Renewable Energy System Using Equilibrium Optimization

Abstract

Due to increasing concern over global warming, the penetration of renewable energy in power systems is increasing day by day. Gencos that traditionally focused only on maximizing their profit in the competitive market are now also focusing on operation with the minimum pollution level. The paper proposes a multiobjective model capable of finding a set of trade-off solutions for the joint optimization problem, considering the cost of reserve and curtailment of power from renewable sources. Managing a hybrid power system is a challenging task due to its stochastic nature mixed with the objective function and complex practical constraints associated with it. A novel metaheuristic Equilibrium Optimizer (EO) algorithm incepted in the year 2020 utilizes the concept of control volume and mass balance for finding equilibrium state is proposed here for computing the optimal schedule and impact of renewable energy integration on profit and emission for different optimization objectives. In this paper, EO has shown dominant performance over well-established metaheuristic algorithms such as particle swarm optimizer (PSO) and artificial bee colony (ABC). In addition, EO produces well-distributed Pareto-optimal solutions and the fuzzy min-ranking is used as a decision maker to acquire the best compromise solution.