Abstract
This work aims to minimize the cost of installing renewable energy resources (photovoltaic systems) as well as energy storage systems (batteries), in addition to the cost of operation over a period of 20 years, which will include the cost of operating the power grid and the charging and discharging of the batteries. To this end, we propose a long-term planning optimization and expansion framework for a smart distribution network. A second order cone programming (SOCP) algorithm is utilized in this work to model the power flow equations. The minimization is computed in accordance to the years (y), seasons (s), days of the week (d), time of the day (t), and different scenarios based on the usage of energy and its production (c). An IEEE 33-bus balanced distribution test bench is utilized to evaluate the performance, effectiveness, and reliability of the proposed optimization and forecasting model. The numerical studies are conducted on two of the highest performing batteries in the current market, i.e., Lithium-ion (Li-ion) and redox flow batteries (RFBs). In addition, the pros and cons of distributed Li-ion batteries are compared with centralized RFBs. The results are presented to showcase the economic profits of utilizing these battery technologies.
Highlights
In today’s world, many technologies and technological devices that are used on a daily basis, whether it is for personal or commercial use, rely on fossil fuels as their generation source of electricity
The results show that with the current price trends for the installment of energy storage systems, addition of the Li-ion batteries combined with photo voltaic (PV) on a selected number of buses is the least expensive solution for a sustainable distribution grid powered with renewable energy resources
This paper proposed a long-term expansion and optimization framework for the smart distribution network to investigate long-term efficiency of Li-ion and redox flow batteries (RFBs) in terms of economics for the customers as well as the operating utility company
Summary
In today’s world, many technologies and technological devices that are used on a daily basis, whether it is for personal or commercial use, rely on fossil fuels as their generation source of electricity. Emissions, as well as other related fossil fuel pollution in the environment, and stirred an interest in utilizing renewable energy resources [1,2] Renewable energy resources, such as wind turbines, solar panels, and hydro-power are freely available, pollution free, and durable, which are the main reasons for growing industrial and residential interest in utilizing these resources. This has led to the transformation of these units into smart microgrids [1,3].
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