Cost-benefit analysis for proactive consumers in a microgrid for transactive energy management systems
Version 2 2024-06-02, 13:35Version 2 2024-06-02, 13:35
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conference contribution
posted on 2024-06-02, 13:35authored byU Amin, MJ Hossain, J Lu, MA Mahmud
This paper proposes the installation of a battery energy storage (BES) system along with a PV system in a hierarchical transactive energy management (TEM) framework to reduce consumer's electricity bills. An algorithm is developed to control the charging and discharging cycle of the proposed battery in a TEM system. A new cost benefit analysis (CBA) approach is presented for solar energy systems and combination of photovoltaic (PV) units and BES systems when these are installed in a proactive houses. Economic benefit analysis is based on real time electricity rate and battery cost to give an exact idea of returns and yearly savings to consumers on their investment. Real load and generation data are used for the analysis and based on the developed algorithm the appropriate battery size is determined. When it is integrated with a 4kW PV unit, it reduces the power mismatch between the load demand and solar generation. The result shows that proactive consumers can maximize their savings considerably on solar investment by installing BES systems.
E Conference publication, E1 Full written paper - refereed
Copyright notice
2016, IEEE
Editor/Contributor(s)
[Unknown]
Title of proceedings
AUPEC2016 : Increasing renewable generation and battery storage in power systems : Proceedings of the 2016 Australasian Universities Power Engineering 2016 Conference
Event
Australasian Committee for Power Engineering. Conference (2016 : Brisbane, Queensland)
Publisher
IEEE
Place of publication
Piscataway, N.J.
Series
Australasian Committee for Power Engineering Conference