Abstract
Abstract An energy storage system is a key element of renewable-based power generation. Its flexible operational capabilities reduce not only the impact of intermittent power generation but also operational costs. In this paper, a dynamic penalty function is proposed to the charging term of the cost function to efficiently manage the battery energy and thereby reducing operational costs. The charging/discharging periods of the battery are effectively controlled based on the solar power generation and residential real-time electricity prices (RRTP). The optimisation problem formulated for the application of real-time energy management is solved with the help of particle swarm optimisation (PSO). It is shown that the proposed cost function can reduce operational costs over a time horizon of 96 hours by 4.2 per cent as compared to the cost function reported in the literature. Simulation studies are carried out to demonstrate the effectiveness of the proposed cost function over the existing cost function.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.