Abstract
Summary form only given as follows. Renewable energy is being increasingly utilized in electric power systems due to environmental concerns and energy cost escalation associated with the use of conventional energy sources. Photovoltaics and wind energy sources can significantly offset costly fuel in small isolated systems and can also have considerable impact on the system reliability. The utilization of renewable energy in capacity planning requires realistic cost/reliability evaluation models that can recognize the highly erratic nature of these energy sources while maintaining the chronology and interdependence of the random variables inherent in them. This paper presents an evaluation model and applies it to analyze optimum generation expansion of small isolated systems using PV and wind energy sources.
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