Profit Expansion of a Solar Integrated Day-Ahead System by Placement of TCSC and Fuel Cell in the Presence of Disequilibrium Price

The usage of renewable energy sources in the power sector has increased day by day to preserve non-renewable resources from extinction. The growth of earnings in the electricity market has also become a critical part as the electricity generated from the renewable integrated system is fluctuating in nature. For a renewable-associated system, energy is abundant during low-demand hours. These excess units are available due to the presence of renewable energy sources like solar, wind, etc. So, a better way to manage this situation is to store the excess energy in the storage devices and use that energy in high-demand hours to enhance the system’s economic profit. This paper presents a comparative study of system economic parameters between regulated and deregulated renewable-associated systems. Solar power has been considered here as a renewable energy source due to its high efficiency and easy availability nature. This work also focused on maximizing the system profit in a deregulated system by the placement of a Thyristor Controlled Series Compensator (TCSC) along with the fuel cell in the presence of a disequilibrium price (DP). The disequilibrium price has occurred due to the disparity of real and expected renewable data which controls the entire renewable-associated system. To achieve maximum profit, it is imperative to reduce generation expenses to a minimum. A flexible alternating current transmission system (FACTS) is used to enhance and increase the system’s power transfer capability and controllability. The system voltage profile and the scenarios of location-based marginal price (LBMP) with and without consideration of TCSC have also been deployed in this work. The study has been performed with different optimization techniques such as Sequential Quadratic Programming (SQP) and Artificial Bee Colony Algorithms (ABC) to analyze the economic risk of the system with a modified IEEE 14-bus system.