Evaluation of Uncertainty and Stochastic Modelling of Renewable Energy Sources in Microgrid

The power system confronts considerable issues owing to the high fluctuation and unpredictability coming from the increasing expansion of wind energy, photovoltaic (PV) systems, and electric vehicle (EV) charging requirements. Constant uncertainty in energy systems challenges the characterisation of deterministic characteristics inside power networks. This underlines the necessity of making informed judgments from both management and operational viewpoints. This chapter presents a comprehensive introduction of numerous uncertainty models used in power system planning and operation, including those for load demand, wind energy, PV energy, PEVs, electricity pricing, and load growth. The purpose is to give a complete framework for controlling uncertainty in power systems. By synthesizing these models, the chapter tries to incorporate uncertainty management into the planning and operation phases, allowing the assessment of choices, cost estimate, revenue projection, and the reduction of possible hazards.