Profit enhancement and imbalance cost reduction with solar PV-fuel cell-EV hybrid system in a wind-integrated day-ahead power market

Abstract

Abstract In a wind-integrated deregulated network, the wind farm must intimate the power-generating capacity bids to the market controller at least one day before it begins operations. The wind farm's bid submissions are based on the estimated wind speed (EWS); nevertheless, slight differences between the real wind speed (RWS) and the EWS will result in penalties or incentives imposed by the Independent System Operator (ISO). This occurrence is known as the power market imbalance cost, and it has a direct influence on the system's profitability. To mitigate this effect, solar PV and fuel cell storage technologies are used with the wind farm to enhance system profit by offsetting the negative effects of the imbalance cost. Here, solar PV and fuel cells are used to function in the required time i.e. operate in the charging mode when the RWS is greater than the EWS and in discharging mode when the EWS is greater than the RWS to balance the power supply in the grid as to fulfill the power bidding conditions. Furthermore, the study focuses on minimizing potential system risks, which have been assessed using several risk assessment tools such as Value-at-Risk (VaR) and Cumulative Value-at-Risk (CVaR). The work was conducted using an IEEE 14 bus test system. Initially, the solar PV-fuel cell system supplies power to meet local needs, and the remaining energy is sent to the grid to maximize the system's profit. Electric vehicles (EVs) have also been incorporated to maximize the system economy in more quantities and to reduce the system risk further as compared to the solar PV-fuel cell operation. Three different optimization methods, i.e. AGTO (Artificial Gorilla Troops Optimizer Algorithm), ABC (Artificial Bee Colony Algorithm), and SQP (Sequential Quadratic Programming), were used in a comparative analysis to assess the effectiveness of the proposed approach.