Open AccessOptimal Bidding Strategy of Microgrid with Uncertainty of RES in Day Ahead Electricity Market
Author(s) -
Deepak Kumar,
Yajvender Pal Verma,
Rintu Khanna
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.c5343.098319
Subject(s) - microgrid , bidding , renewable energy , computer science , electricity market , electricity , grid , solver , power system simulation , mathematical optimization , electric power system , reliability engineering , automotive engineering , power (physics) , microeconomics , economics , electrical engineering , engineering , mathematics , programming language , physics , geometry , quantum mechanics
Microgrid is the most efficient way of integrating renewable generating sources in the low voltage network. This paper proposes a mathematical model for bidding power in low voltage grid connected microgrid system in an electricity market having pump storage plant. The optimization problem has been modeled and simulated using the CONOPT solver in GAMS environment interfaced with MATLAB. The storage units have been used to counter the impact due to uncertainty of the solar power and the load demand. The optimal bidding prices have been obtained for various renewable generating units in case of over and under production situations. Penalty factors have been imposed to manage the power imbalance which also helps in overall reduction of the operational cost. Pumped storage unit has been taken to obtain optimal bidding and minimized operational cost of the system.