Profit Maximization by Joint Operation of Solar-Battery Storage System in a Renewable-Integrated Deregulated Power Market
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Integration of renewable energy sources in existing thermal power plant gives the enthusiasm towards carbon diminishing environment throughout the world. Due to the uncertain nature of renewable energy, several constraints are constructed in the operation of renewable-thermal hybrid system, which must be overcome for maximizing the economic sustainability and reliability of the system. Solar photovoltaic cell and battery storage system can be used to reduce the negative economic impacts of uncertain wind penetration in the fully deregulated power environment. This paper proposed an effective and reliable operating scheme of solar and battery storage hybrid system to maximize the economic profit while the grid frequency is maintained & imbalance cost because of the difference between predicted & actual wind speed is minimized. The proposed approach is checked for its effectiveness using modified IEEE 14-bus system.