A Case Study on Robust Power/Energy Balancing Driven Cost Optimization for Sizing Energy Storage, Power Generators and Consumers

Abstract

Ahstract- With the increase in fossil fuel burning and shortage of these power sources, power systems are shifting to renewable energy sources such as photovoltaic and wind power generation systems, and energy storage systems. Energy storage systems have more advantages than other power sources due to their fast response to power excess and shortage situations, controllability, adaptability, environment friendliness, and a better solution for global warming. This paper provides a case study for the optimal sizes of energy storage systems, power generators, and loads considering their cost under power and energy balance constraints. The objective of the case study is to check the solution for both power and energy balance constraints. Under these two constraints, the cost of energy storage, power generators, and loads is optimized. Finally, it is analyzed that under different analytical solutions the cost coefficients are effective to find the suitable size of generators, storage, and consumers while keeping the power balance.