Profit Maximization with Imbalance Cost Improvement by Solar PV-Battery Hybrid System in Deregulated Power Market

Abstract

The changeable nature of renewable sources creates difficulties in system security and stability. Therefore, it is necessary to study system risk in several power system scenarios. In a wind-integrated deregulated power network, the wind farm needs to submit the bid for its power-generating quantities a minimum of one day ahead of the operation. The wind farm submits the data based on the expected wind speed (EWS). If any mismatch occurs between real wind speed (RWS) and expected wind speed, ISO enforces the penalty/rewards to the wind farm. In a single word, this is called the power market imbalance cost, which directly distresses the system profit. Here, solar PV and battery energy storage systems are used along by the wind farm to exploit system profit by grasping the negative outcome of imbalance cost. Along with system profit, the focus has also been on system risk. The system risk has been calculated using the risk assessment factors, i.e., Value-at-Risk (VaR) and Cumulative Value-at-risk (CVaR). The work is performed on a modified IEEE 14 and modified IEEE 30 bus test system. The solar PV-battery storage system can supply the demand locally first, and then the remaining power is given to the electrical grid. By using this concept, the system risk can be minimized by the incorporation of solar PV and battery storage systems, which have been studied in this work. A comparative study has been performed using three dissimilar optimization methods, i.e., Artificial Gorilla Troops Optimizer Algorithm (AGTO), Artificial Bee Colony Algorithm (ABC), and Sequential Quadratic Programming (SQP) to examine the consequence of the presented technique. The AGTO has been used for the first time in the risk assessment and alleviation problem, which is the distinctiveness of this work.