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

Ning Zhang, Nien-Che Yang and Jian-Hong Liu
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Ning Zhang: College of Electrical Engineering and Automation, Fuzhou University, Fuzhou 350108, China
Nien-Che Yang: Department of Electrical Engineering, National Taiwan University of Science and Technology, 43, Keelung Road, Section 4, Taipei 10607, Taiwan
Jian-Hong Liu: Department of Electrical Engineering, Yuan Ze University, 135, Yuan-Tung Road, Chung-Li, Taoyuan 32003, Taiwan

Energies, 2021, vol. 14, issue 19, 1-13

Abstract: 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.

Keywords: photovoltaic power; wind power; energy storage system; time-of-use electricity (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: 2021
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