Efficient approach for establishing the economic and operating reliability via optimal coordination of wind–PSH–solar‐storage hybrid plant in highly uncertain double auction competitive power market

Abstract

This study presents a two-stage competent and efficient approach for optimal operation of wind-pumped-storage-hydro (PSH)-solar-thermal-storage hybrid power plant to get maximum system revenue and profit along with maintaining the grid frequency. The wind speed is predicted for a deregulated market and accordingly, the wind plants are committed to supplying the demand. The operation of PSH, battery and solar power are considered in order to minimise the adverse effect of imbalance cost which comes into the picture due to the mismatch between actual and predicted wind power. The proposed operating strategy for the complex hybrid plant helps to reduce the uncertainty of renewable power sources in an economical manner. Two new energy levels associated with pumped storage, i.e. PE opt and PE low and four energy levels associated with the battery, i.e. BE max , BE opt , BE low and BE min have been considered in this work to show the robustness of the proposed strategy. The proposed approach is implemented and compared using Mi-Power, bat algorithm, particle swarm optimisation algorithm, genetic algorithm and cuckoo search algorithm. Modified IEEE 14-bus system is used to validate the effectiveness of the proposed approach. The bilateral contracts with a double auction bidding model for the competitive power market are also considered for the implementation.