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An MILP model for cost-optimal planning of an on-grid hybrid power system for an eco-industrial park

Theo, W.L. and Lim, J.S. and Wan Alwi, S.R. and Mohammad Rozali, N.E. and Ho, W.S. and Abdul-Manan, Z. (2016) An MILP model for cost-optimal planning of an on-grid hybrid power system for an eco-industrial park. Energy, 116 . pp. 1423-1441.

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Abstract

The application of on-grid hybrid power system (HPS) has been effective for harnessing renewable energy resources and ensuring environmental sustainability. A number of algebraic and mathematical modeling approaches have been introduced for the optimisation of on-grid HPS. While algebraic power pinch analysis (PoPA) tools have been developed to enable the selection of cost-effective energy storage technology, the available mathematical modeling approaches have yet to consider the economics and storage system selection in the design of an optimal on-grid HPS. This work presents a mixed-integer linear programming (MILP) for the optimal design of an on-grid HPS with the minimum net present value (NPV) of the overall electricity production cost and the selection of the optimum energy storage technology. Two case studies are presented in this work. In the former, the differences between the developed MILP model and previous methods are highlighted, with sensitivity analysis to investigate the impact of electricity tariff on the on-grid HPS. In the second case study, the developed MILP model was applied to an Eco-Industrial Park (EIP) case study with energy storage technology selection. Lead-acid battery system was found to be the optimal choice due to its low investment requirement. © 2016 Elsevier Ltd

Item Type:Article
Impact Factor:cited By 34
Uncontrolled Keywords:Algebra; Cost benefit analysis; Cost effectiveness; Costs; Electric energy storage; Electric power system economics; Electric power transmission networks; Integer programming; Investments; Lead acid batteries; Mathematical models; Renewable energy resources; Sensitivity analysis; Sustainable development, Eco-industrial park; Energy planning; Hybrid power systems; Optimisations; Renewable resource, Electric power system planning, cost analysis; electricity generation; energy efficiency; energy planning; energy resource; linear programing; numerical model; optimization; park design; park management; renewable resource; sensitivity analysis; smart grid; sustainability
ID Code:25491
Deposited By: Ms Sharifah Fahimah Saiyed Yeop
Deposited On:27 Aug 2021 13:02
Last Modified:27 Aug 2021 13:02

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