Daily Operation Optimization of a Hybrid Energy System Considering a Short-Term Electricity Price Forecast Scheme

Pedro Bento, Hugo Nunes, José Pombo, Maria do Rosário Calado and Sílvio Mariano
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Pedro Bento: Instituto de Telecomunicações and University of Beira Interior, 6201-001 Covilhã, Portugal
Hugo Nunes: Instituto de Telecomunicações and University of Beira Interior, 6201-001 Covilhã, Portugal
José Pombo: Instituto de Telecomunicações and University of Beira Interior, 6201-001 Covilhã, Portugal
Maria do Rosário Calado: Instituto de Telecomunicações and University of Beira Interior, 6201-001 Covilhã, Portugal
Sílvio Mariano: Instituto de Telecomunicações and University of Beira Interior, 6201-001 Covilhã, Portugal

Energies, 2019, vol. 12, issue 5, 1-25

Abstract: The scenario where the renewable generation penetration is steadily on the rise in an increasingly atomized system, with much of the installed capacity “sitting” on a distribution level, is in clear contrast with the “old paradigm” of a natural oligopoly formed by vertical structures. Thereby, the fading of the classical producer–consumer division to a broader prosumer “concept” is fostered. This crucial transition will tackle environmental harms associated with conventional energy sources, especially in this age where a greater concern regarding sustainability and environmental protection exists. The “smoothness” of this transition from a reliable conventional generation mix to a more volatile and “parti-colored" one will be particularly challenging, given escalating electricity demands arising from transportation electrification and proliferation of demand-response mechanisms. In this foreseeable framework, proper Hybrid Energy Systems sizing, and operation strategies will be crucial to dictate the electric power system’s contribution to the “green” agenda. This paper presents an optimal power dispatch strategy for grid-connected/off-grid hybrid energy systems with storage capabilities. The Short-Term Price Forecast information as an important decision-making tool for market players will guide the cost side dispatch strategy, alongside with the storage availability. Different scenarios were examined to highlight the effectiveness of the proposed approach.

Keywords: hybrid energy systems; optimized dispatch strategy; photovoltaic power; pumped-storage hydropower; short-term price forecasting; wind power; optimized control strategy (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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