Optimal Time-of-Use Electricity Price for a Microgrid System Considering Profit of Power Company and Demand Users

With high proportions of renewable energy generation in power systems, the power system dispatch with renewable energy generation has currently become a popular research direction. In our study, we propose a multi-objective dispatch model for a hybrid microgrid comprising a wind generator, photovolt...

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Bibliographic Details
Published inEnergies (Basel) Vol. 14; no. 19; p. 6333
Main Authors Zhang, Ning, Yang, Nien-Che, Liu, Jian-Hong
Format Journal Article
LanguageEnglish
Published Basel MDPI AG 01.10.2021
Subjects
Alternative energy sources
Consumption
Control algorithms
Corporate profits
Distributed generation
Elasticity of demand
Electric power demand
Electrical loads
Electricity
Energy storage
energy storage system
Linear functions
Linear programming
Optimization
Photovoltaic cells
photovoltaic power
Photovoltaics
Price elasticity
Probability
Renewable resources
Time of use electricity pricing
time-of-use electricity
Wage & price controls
Wind power
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Summary:With high proportions of renewable energy generation in power systems, the power system dispatch with renewable energy generation has currently become a popular research direction. In our study, we propose a multi-objective dispatch model for a hybrid microgrid comprising a wind generator, photovoltaic (PV) generator, and an energy storage system to optimize the time-of-use (TOU) electricity price. The objective of the proposed multi-objective dispatch model is to maximize the profit of the power company and demand users, and minimize the proportion of users abandoning PV power and wind power. The elastic price of the load demand with a linear function is employed to optimize the TOU electricity price. Finally, we applied five test cases to validate the practicability of the multi-objective dispatch model.
ISSN:1996-1073
1996-1073
DOI:10.3390/en14196333