Intelligent microgrid power management using the concept of Nash bargaining solution

In this paper, we propose a decision model for multiobjective power management of a generic MicroGrid (MG). The concept of Nash Bargaining Solution (NBS) from game theory is used by the central MG control unit to dispatch different resources within the MG. Using NBS, the MG is guaranteed to reach a solution on the Pareto-front of the multiobjective power management optimization problem. This solution is "unique" and introduces a "fair" balance among the different objective functions of the MG. Hence, through NBS, a multiobjective power management procedure is designed for MGs that can be implemented efficiently in real-time. Simulation results show the applicability of the proposed method to multiobjective MG power management.