System Profit Valuation of a Wind-Incorporated Competitive Power System

In a power system network, the maximization of profit is one of the most vital features. The electrical power generated by the power plant is limited. During low-peak hours, the generated energy is uneconomically utilized due to lower power use. This unutilized energy can be stored in the storage systems to overcome the demand caused during the high peak hours, leading to fewer imbalance costs. This may reduce the pressure on non-renewable resources at some point during high-demand periods. The use of renewable energy sources for power generation has developed these days in order to save non-renewable resources from extinction. This study offers a method for storing electricity that uses both renewable and non-renewable resources by placing the renewable generator in one of the load centers and locating the most optimal position. As renewable assets have an uncertain character, real-time data from Vijayawada city is compiled from both actual and predicted information and the imbalance cost is determined. The IEEE 14 bus system is used to effectively assess the afore said approach. Sequential Quadratic Programming (SQP) has used as the optimization method for this work. The effect of wind integration in the regulated and deregulated systems are also present in this paper in terms of economic sustainability, system voltage profile.