Economical and Reliable Design of a Hybrid Energy System in a Smart Grid Network

Reza Gharoie Ahangar () and Hani Gharavi ()
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Reza Gharoie Ahangar: G. Brint Ryan College of Business, University of North Texas
Hani Gharavi: Eirgrid PLC

A chapter in Handbook of Smart Energy Systems, 2023, pp 101-113 from Springer

Abstract: Abstract In this chapter, we introduce a hybrid wind turbine, photovoltaic, and fuel cell energy system intending to minimize the overall cost to increase the designed hybrid system’s efficiency. In our study, the associated costs in the objective function consist of initial investment costs, operational and maintenance costs, and the cost related to loss of load. To find the optimal solution with the nonlinear mixed-integer function, we utilized particle swarm optimization algorithm, and also we implemented an approximate reliability model to assess the reliability. The findings show that the overall cost of the designed hybrid system is optimized with the present value of the loss of energy expectation and total cost for 20 years, $0.13 (*10−6) and $2.59 (*10−6), respectively, which are noticeable, with respect to satisfactory ranges of reliability indexes.

Keywords: Energy; Reliability; Hybrid systems; PSO algorithm (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-97940-9_23

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DOI: 10.1007/978-3-030-97940-9_23

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