Optimal Sizing of Energy storage system for an hybrid PV-Wind Powered Microgrid

Owing to their emission-free nature and sustainability, hybrid renewable energy sources (RESs) have emerged as a formidable alternative to traditional energy production facilities. Nevertheless, two unfavorable aspects that exacerbate the issue of system suitable scaling are the cost of energy (COE) and the intermittent nature of RESs. The goal of this study is to size hybrid grid-connected photovoltaic-wind power systems as efficiently as possible using real-time hourly data on solar and wind irradiation, as well as the amount of energy required at a given site. The suggested technique may match the local demand for energy supply with the system's least life cycle cost by determining the optimal size. In order to provide accurate estimates of life cycle costs and benefits, the actual hourly electricity retail and market prices were used in the case study used to evaluate the approach in this article. The battery-powered HRES system was examined for various battery capacity combinations, simulated using a range of energy management techniques, and its operation was assessed in comparison to planned power dispatches. With the HRES providing power with enhanced dependability and combining peak shaving and ramp rate limiting characteristics with the stored energy, the findings shown that battery storage systems are a highly viable and lucrative endeavor.