Abstract
Distributed generation and distributed storage facilities help to utilize conventional and renewable energy resources in an efficient manner. Hybrid power system (HPS) with distributed generation and storage facilities guarantee minimum lifecycle cost and environmental impacts for generation units. A multi-objective optimization to minimize the amounts of overall generation cost and total pollutant emissions of HPS is discussed in this paper. The generation cost of thermal, renewable, storage based power plants and costs paid for health and environmental damages caused by emissions are considered in the analysis. MATLAB simulation is carried out with sequential quadratic programming (SQP) algorithm. Analysis shows that the cost of electricity from renewable energy resources (RES) based plants is smaller than conventional fuels based plants, provided the cost associated with health and environmental damages caused by the pollutants emissions from the thermal plants is taken into considerations.
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