Multi-Objective Optimization and Dispatch of Distributed Energy Resources for Renewable Power Utilization Considering Time-of-Use Tariff

Abstract

The intermittency of wind and solar power generation brings risks to the safety and stability of the power system. In order to maximize the utilization of renewables, optimal control and dispatch methods of the Distributed Energy Resources including the generators, energy storage and flexible demand are necessary to be researched. This paper proposes an optimization and dispatch model of an aggregation of Distributed Energy Resources in order to facilitate the integration of renewables while considering the benefits for dispatchable resources under time-of-use tariff. The model achieves multi-objective optimization based on the constraints of day-ahead demand forecast, wind and solar generation forecast, electric vehicles charging routines, energy storage and DC power flow. The operating cost, the renewable energy utilization and the revenues of storages and electric vehicles are considered and optimized simultaneously through the min–max unification method to achieve the multi-objective optimization. The proposed model was then applied to a modified IEEE-30 bus case, demonstrating that the model is able to reconcile all participants in the system. Sensitivity analysis was undertaken to study the impact of initial states of the storages on the revenues to the resource owners.