Economic Analysis of a Hybrid Micro-Grid with Battery Energy Storage

This paper presents a hybrid microgrid economic model that optimally schedules solar photovoltaic (PV) generation, wind, and battery energy storage power to meet the daily demand of the end-user. The model ensures that the hybrid power plant is fully utilized before acquiring additional power from the grid. An optimal scheduling model with the objective of maximizing the profitability of the hybrid micro-grid operator is evaluated while minimizing the unserved energy to the end-user. The economic scheduling model indicates that by using solar PV, wind, and battery energy storage, the hybrid micro-grid operator can achieve higher profits compared to when using solar PV and wind alone. The overall increase in profit is 3.7 times more than when using solar PV and wind generation, and the load unserved is reduced by 96%. The results show that energy storage can greatly increase profitability while reducing the load unserved.