Reliability Constrained Socio‐Economic Analysis of Renewable Generation Based Standalone Hybrid Power System with Storage for off‐grid Communities

Abstract

Hybrid renewable energy systems (RESs) with storage are gaining significant attention for off‐grid communities. Planning of reliability constrained social‐economic analysis is a combinatory optimisation problem. This work focuses on the reliability constrained optimisation of the levelized cost of energy (LCOE) of RES with the storage considering the cost of emission. Hybrid energy systems consist of photovoltaic (PV), wind turbine (WT) and diesel generator (DG) with storage. In this work, a systematic approach for determination of reliability constrained optimal combination of generating and storage technologies based on techno‐socio‐economic criteria has been developed. To evaluate the reliability and the expected generation from the individual unit, probabilistic production costing simulation has been performed using an analytical technique. The optimal sizing of RES with storage has been evaluated using particle swarm optimisation technique and tested on ten different cases. The combination of generation/storage technologies that fetch minimum LCOE while satisfying the reliability standards is chosen as the optimal configuration. Results show that a combination of PV, WT and pumped storage hydro is the best option to meet the energy requirements, with the least LCOE of 0.268 $/kW while satisfying reliability criteria. Further, an optimum generation expansion plan has also been determined for the aforementioned optimal configuration.