An Economic Risk Analysis in Wind and Pumped Hydro Energy Storage Integrated Power System Using Meta-Heuristic Algorithm

Abstract

Due to the restructuring of the power system, customers always try to obtain low-cost power efficiently and reliably. As a result, there is a chance to violate the system security limit, or the system may run in risk conditions. In this paper, an economic risk analysis of a power system considering wind and pumped hydroelectric storage (WPHS) hybrid system is presented with the help of meta-heuristic algorithms. The value-at-risk (VaR) and conditional value-at-risk (CVaR) are used as the economic risk analysis tool with two different confidence levels (i.e., 95% and 99%). The VaR and CVaR with higher negative values represent the system in a higher-risk condition. The value of VaR and CVaR on the lower negative side or towards a positive value side indicates a less risky system. The main objective of this work is to minimize the system risk as well as minimize the system generation cost by optimal placement of wind farm and pumped hydro storage systems in the power system. Sequential quadratic programming (SQP), artificial bee colony algorithms (ABC), and moth flame optimization algorithms (MFO) are used to solve optimal power flow problems. The novelty of this paper is that the MFO algorithm is used for the first time in this type of power risk curtailment problem. The IEEE 30 bus system is considered to analyze the system risk with the different confidence levels. The MVA flow of all transmission lines is considered here to calculate the value of VaR and CVaR. The hourly VaR and CVaR values of the hybrid system considering the WPHS system are reported here and the numerical case studies of the hybrid WPHS system demonstrate the effectiveness of the proposed approach. To validate the presented approach, the results obtained by using the MFO algorithm are compared with the SQP and ABC algorithms’ results.