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In this paper, a novel algorithm, based on dc link voltage, is proposed for effective energy management of a standalone permanent magnet synchronous generator (PMSG)-based variable speed wind energy conversion system consisting of battery, fuel cell, and dump load (i.e., electrolyzer). Moreover, by maintaining the dc link voltage at its reference value, the output ac voltage of the inverter can be kept constant irrespective of variations in the wind speed and load. An effective control technique for the inverter, based on the pulsewidth modulation (PWM) scheme, has been developed to make the line voltages at the point of common coupling (PCC) balanced when the load is unbalanced. Similarly, a proper control of battery current through dc-dc converter has been carried out to reduce the electrical torque pulsation of the PMSG under an unbalanced load scenario. Based on extensive simulation results using MATLAB/SIMULINK, it has been established that the performance of the controllers both in transient as well as in steady state is quite satisfactory and it can also maintain maximum power point tracking.