Bi-level Capacity Planning of Wind-PV-Battery Hybrid Generation System Considering Return on Investment

Bowen Yang, Yougui Guo, Xi Xiao and Peigen Tian
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Bowen Yang: Department of Information Engineering, Xiangtan University, Xiangtan 411105, China
Yougui Guo: Department of Information Engineering, Xiangtan University, Xiangtan 411105, China
Xi Xiao: Department of Electrical Engineering, Tsinghua University, Beijing 100084, China
Peigen Tian: Department of Electrical Engineering, Tsinghua University, Beijing 100084, China

Energies, 2020, vol. 13, issue 12, 1-18

Abstract: Reasonable configuration of equipment capacity can effectively improve the economics of wind-photovoltaic-battery hybrid generation system (WPB-HGS). Based on the current needs of investors to pay more attention to the economic benefits of WPB-HGS, this paper proposes a capacity configuration method for WPB-HGS considering return on investment (ROI). A bi-level planning model for integrated planning and operation of WPB-HGS was established. The lower-level model optimizes the system’s operating status with the goal of maximizing the daily power sales of the system. The upper-level model plans the equipment capacity of the WPB-HGS with the goal of maximizing the annual net income and return on investment. The model is solved using adaptive weighted particle swarm optimization. According to actual engineering examples, the specific equipment capacity is configured, and the configuration results are analyzed to verify the effectiveness of the method.

Keywords: wind-photovoltaic-battery hybrid generation system; return on investment; capacity configuration; bi-level planning; particle swarm optimization (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: 2020
References: View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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