Levelized Cost of Energy-Based Economic Analysis of Microgrid Equipped with Multi Energy Storage System

Abstract

Energy storage system (ESS) plays a critical role in maintaining the reliability of microgrids. ESS selection for microgrids depends on energy density, specific power, specific energy, and economics. This paper analyses the economic benefits of various combinations of short-, medium-, and long-term ESS, i.e., multi-energy storage systems (MESS) in a microgrid. The economic feasibility of the system is analyzed using Homer software. The net present cost (NPC), the Levelized cost of energy (LCOE), and pollutant gas emission are chosen as parameters for analyzing the economic feasibility of the microgrids. The results show that amongst all the scenarios, the system with Hydrogen Storage System (HSS) with Proton exchange membrane fuel cell (PEMFC) and electrolyzer is the most feasible solution with the lowest LCOE and pollutant emission.