Determination of Renewable Energy Capacity by Stochastic Optimization

Abstract

The installation of renewable energy sources is becoming more common for those seeking to become self-sufficient in their energy requirements, minimize electricity costs, or limit their carbon footprint. Other technologies such as energy storage systems (ESS) or demand side management (DSM) systems are also being adopted alongside renewables to manage the intermittent nature of renewable energy and maximize potential savings. For behind-the-meter customers, significant savings can be achieved with a combination of renewable energy with battery energy storage systems (BESSs). However, batteries and renewable energy require large capital investments. There exists an interplay of benefits, costs, and generation needs that makes it is difficult to determine the proper size of renewable energy sources for maximum impact. Hence in this study a methodology for sizing renewables, batteries and optimizing savings is presented. Given the intermittent nature of renewables, stochastic methods are added to understand the impact of variability on planning procedures. For this study both wind and solar power sources are considered. Given their significantly different generation profiles, the effect on system designs using a combination of both power sources is explored. The size of renewables and BESS are estimated using a stochastic optimization program. This study will help to improve the understanding of BESS and renewable energy sources in maximizing the savings from an entire system. The stochastic optimization gives us estimate of renewable and BESS and insight on the impact of uncertainties present in the measurement of wind speed and solar radiation on the outcome of the optimization program.

Publication Title

ASME International Mechanical Engineering Congress and Exposition Proceedings Imece

Link to Full Text

Share

COinS