Optimal multi-objective long-term sizing of distributed energy resources and hourly power scheduling in a grid-tied microgrid

Abstract

The multi-objective long-term optimum sizing of renewable-based distributed generators as well as battery energy storage system is accomplished in the present work using grey wolf optimizer in a fuzzy formulation. The objectives considered for sizing optimization are the minimization of the total annual expenses, yearly emissions, and yearly energy loss, as well as the maximization of the annualized monetary benefit incurred due to the deferral of network upgrades. The optimal integration of distributed energy resources is intended to effectuate the deferral of network upgrades, leading to an appreciable financial benefit for the utility. An optimum hourly power schedule influenced by a selective price-based demand response strategy is acquired for the microgrid, considering the seasonal variations in the generated renewable power and demand. The profitability of the microgrid prosumer is augmented through the demand response program, which boosts renewable power utilization. The hourly probabilistic modelling of the uncertainties in renewable power and consumer demand is implemented. An optimal, multi-objective, integrated sizing and scheduling model for distributed energy resources is formulated in the present work, which targets the economic and sustainable operation of the microgrid in a multi-benefit domain.