Abstract
In grid advancement, energy storage systems are playing an important role in lowering the cost, reducing infrastructural investment, ensuring reliability and increasing operational capability. The storage system can provide stabilization services and is pivotal for backup power for emergencies. With a continuous rise in fuel prices and increasing environmental issues, the energy from renewable resources is gaining more popularity. The main drawbacks of some renewable sources are their intermittent energy generation and uncertain source availability, which has increased interest in energy storage systems (ESSs). This paper investigates the economic feasibility when ESSs are introduced in the electric grid with an expansion of a storage system as well as more percentage of the renewable energy integration and less percentage of fuel consumption by conventional power sources. The Artificial Neural Network is implemented to validate the forecasted load model. The uncertainties associated with the renewable energy system are handled by a chance-constrained model and solved by a genetic algorithm (GA) in MATLAB; selection criteria of GA for optimization process is also discussed in detail. The effectivity of the proposed methodology is verified by applying it to a case that lies in the western region of China.
Highlights
The idea of generation expansion planning problem (GEP) is implemented to realize the minimum cost plan for installing new power generation facilities so that the future electricity demands can be met
This scenario considers that the on-going strategy of power production is continued i.e., no energy storage units are installed in the power system
The focus of research here is to increase the use of clean energy with large-scale renewable energy sources (RES) integration, which leads to lowering of fuel usage by conventional power plants
Summary
The idea of generation expansion planning problem (GEP) is implemented to realize the minimum cost plan for installing new power generation facilities so that the future electricity demands can be met. Each plan is proposed while keeping in consideration several constraints like demand, energy, and reliability. Only conventional generation utilities like hydro, nuclear and thermal power plants are considered in the capacity expansion planning process. With limited resources and increasing burden on the environment, there is a rise in the growth of renewable energy sources (RES). The addition of RES in the generation system offers many monetary and reliability benefits, the widespread use of RES by utility companies is still restricted. RES cannot compete with conventional energy resources only if the economics of both sources are taken into consideration. Apart from economics, other factors like the impact of both sources on the environment, or social benefits of both sources must be considered in Electronics 2018, 7, 100; doi:10.3390/electronics7070100 www.mdpi.com/journal/electronics
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