An Approach for Attaining Economic Profit by Optimal Operation of Hybrid Thermal-Wind-PHS-EV System in a Deregulated System

The suggested hybrid power plant combines conventional and renewable energy sources along with energy storage devices such as wind, pumped hydro storage (PHS), thermal, and solar-powered electric vehicles (EVs). Its major goal is to improve the electricity network’s revenue and profitability while maintaining grid frequency stability (fG). To achieve this purpose, the approach considers the projected wind velocity (WVProj) in a deregulated market and commits wind farms to meet energy demand appropriately. The functioning of PHS and solar-connected EV power components is closely monitored to reduce the detrimental impact of power system imbalances caused by discrepancies in true (WPTrue) and projected (WPProj) wind production. This operational strategy aims to reduce the unpredictability associated with renewable energy sources cost-effectively. Highlighting the resilience of this technique, the approach incorporates four energy stages of the PHS upper basin (EPHS,max, EPHS,opt, EPHS,low, and EPHS,min) and four energy stages of the EV battery (EEVB,max, EEVB,opt, EEVB,low, and EEVB,min). By considering these energy levels, the approach illustrates the strategy’s long-term effectiveness. Several optimization methods are used for implementation and comparison, including Sequential Quadratic Programming (SQP), BAT algorithm, Particle Swarm Optimization (PSO) Algorithm, Genetic Algorithm (GA), and Cuckoo Search Algorithm (CSA). The efficacy of the suggested approach is assessed by analyzing and evaluating the IEEE 14-bus power network. The proposed technique deviates from conventional methods by employing the PHS plant to overcome uncertainties related to wind power, guaranteeing that committed generation patterns are reached with the support of solar power and EV-battery storage. Hourly simulations demonstrate that the proposed approach significantly enhances the use of maximum reservoir constraints, which improves system stability and security. The study demonstrates that the proposed two-phase operating technique is successful at improving revenue and profit while stressing stability and security inside the hybrid system. It also provides a feasible option for effective energy management.