Abstract
In the smart grid environment, there is a worldwide consensus concerning the high penetration of renewable energy resources (RESs) to cater a multitude of technical, economic, and social concerns. In this perspective, a combination of RESs and battery storage system (BSS) in co-ordination with the incorporation of distributed static compensator (DSTATCOM) is a smart, efficient, and viable approach to alleviate the power quality concerns. In this study, a comprehensive strategic model is designed to optimally incorporate RESs, BSS, and DSTATCOM with an aim to maximize technical, economic, and ecological benefit of the system. Logical and innovative formulas, such as benefit cost ratio, network voltage profile improvement index, environmental benefit index, and reliability indices, i.e., expected energy not served are formulated to assess the overall benefits in the present planning framework. A fuzzy-based extended version of nondominant sorting genetic algorithm NSGA II (E_NSGA II) is utilized for the strategic incorporation of the devices taken into account the practical security limits. The proposed multi-objective approach is applied on 69-bus radial distribution system considering the time variant practical load models and the obtained results are compared with other multi-objective algorithms to validate the efficacy and efficiency of the proposed approach.
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