Optimal management strategies of renewable energy systems with hyperexponential service provisioning: an economic investigation

Abstract

The current research proposes optimal management strategies for queueing modeling-based renewable energy systems with hyper-exponentially distributed maintenance/repair under the assumption of an admission control policy. Using the concept and steps of the matrix-analytical method, the steady-state probability distribution associated with energy systems is explicitly presented. A relatively straightforward computation that can help with modeling wind energy generation, investigating wind farm performance, optimizing energy based on system storage, reliability inspection, service maintenance planning, and numerous other purposes can be employed to mathematically derive several system performance indicators. The investigation findings are validated via quantitative outcomes, illustrative possesses, and a step-by-step recursive methodology for efficient management of the renewable energy system. Additionally, considering multiple governing parameter values, the nature-inspired optimization technique, Cuckoo Search (CS), is employed to demonstrate the optimum anticipated cost of renewable energy system. A comparison with other metaheuristics and semi-classical approaches is also presented to establish the best convergence results. In order to help system designers, policymakers, engineers, and researchers, several numerical examples are also provided to construct more practical strategies based on the production of energy, storage, and system management. The economic, parametric, and performance investigation findings are highlighted, and the opportunities and recommendations for further research are provided. In a nutshell, the outcomes of the present analysis can be adopted to formulate the most effective economic strategies and regulate decision-making processes in the energy sectors.