Effect of Energy Storage Systems on Economic Risk Values in Wind Energy Integrated Power System

Wind and solar energy are widely accepted renewable energy sources to produce electricity on a large scale. They are mostly affected by their intermittent and fluctuating nature, which causes the system to take risks. These risks decrease further with the use of an energy storage system. With this scenario, an appropriate risk analysis is required to understand the variation in risk relating to energy storage systems. In this paper, the economic risk of a wind-integrated system accompanied by an energy storage system, namely pumped hydro storage (PHS), compressed air storage (CAES), and batteries, is analyzed. The value at risk (VaR) and conditional value at risk (CVaR) with 95% and 99% confidence levels are used in the risk calculation. The VaR and CVaR values are calculated with the MVA flows among the transmission line values. The modified IEEE-30 bus with a 30 MW rated capacity of a wind farm is used for simulation purposes. The formulated optimal power flow problem is solved with the artificial bee colony (ABC) algorithm.