Financial evaluation of Renewable Energy Source production in microgrids markets using probabilistic analysis

Restructuring of power markets has helped in the penetration of Distributed Generation (DG) in the distribution networks. Mircogrids are Low Voltage (LV) networks that usually operate interconnected with the main Medium Voltage (MV) network but, in case of emergency, can run autonomously. In such ne...

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Bibliographic Details
Published in2005 IEEE Russia Power Tech pp. 1 - 7
Main Authors Tsikalakis, A.G., Hatziargyriou, N.D.
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.06.2005
Subjects
Distributed control
Distributed Generation
Low voltage
Markets
Medium voltage
MicroGrids
Photovoltaic cells
Power markets
Probabilistic Analysis
Probability distribution
Production
Renewable energy resources
Renewable Energy Sources
Wind Power
Wind speed
Wind turbines
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Summary:Restructuring of power markets has helped in the penetration of Distributed Generation (DG) in the distribution networks. Mircogrids are Low Voltage (LV) networks that usually operate interconnected with the main Medium Voltage (MV) network but, in case of emergency, can run autonomously. In such networks Renewable Energy Sources (RES) are foreseen to have rather high penetration mainly photovoltaics (PV) and small scale Wind Turbines (WTs). One of the emerging issues is the financial evaluation of RES production so that the installation of RES is beneficial in open market conditions. In this study, the expected income for owners of wind turbine and PV is evaluated using actual prices from a spot market exchange, probability distributions of wind velocity and solar irradiation and methods of probabilistic costing analysis.
DOI:10.1109/PTC.2005.4524361