Optimal Time-of-Use Electricity Price for a Microgrid System Considering Profit of Power Company and Demand Users

Abstract

With high proportions of renewable energy generation in power systems, the power system dispatch with renewable energy generation has currently become a popular research direction. In our study, we propose a multi-objective dispatch model for a hybrid microgrid comprising a wind generator, photovoltaic (PV) generator, and an energy storage system to optimize the time-of-use (TOU) electricity price. The objective of the proposed multi-objective dispatch model is to maximize the profit of the power company and demand users, and minimize the proportion of users abandoning PV power and wind power. The elastic price of the load demand with a linear function is employed to optimize the TOU electricity price. Finally, we applied five test cases to validate the practicability of the multi-objective dispatch model.

Keywords

• photovoltaic power
• wind power
• energy storage system
• time-of-use electricity