Multi-objective risk-based optimal power system operation with renewable energy resources and battery energy storage system: A novel Hybrid Modified Grey Wolf Optimization–Sine Cosine Algorithm approach

Abstract

This research work proposes a Hybrid Modified Grey Wolf Optimization–Sine Cosine Algorithm for the multi-objective optimal scheduling of hybrid power system taking into consideration the risk factor arising due to the intermittent/uncertain nature of the renewable power generation sources. The hybrid power system is modelled considering the thermal generation units, wind energy system, solar photo voltaic system, electric vehicle and battery energy storage system. The multi-objective optimization problem is proposed based on the simultaneous minimization of the total operating cost and system risk. The conditional value at risk is introduced as the risk index to analyse the system risk due to uncertainties in power deliveries by the renewable energy resources, electric vehicle and battery energy storage system during the scheduling process. The integral contribution of this research work focuses on the establishment an optimal generation schedule based on the combined optimization of the total operating cost and system risk. The simultaneous minimization of the operating cost and the risk index is performed with the multi-objective Hybrid Modified Grey Wolf Optimization–Sine Cosine Algorithm and has been used to develop a Pareto-optimal front. The implementation of the fuzzy min–max technique is opted to fetch the best compromised solution. The standard test systems of IEEE-30 bus and Indian-75 bus system are used to validate the potency of the proposed approach. Comparative analysis has been established to highlight the results obtained with the proposed approach is appreciable than other optimization techniques.