Optimal Sizing of Integrated Renewable Energy System Based on Demand Response

Optimal sizing of Integrated Renewable Energy System (IRES) with battery storage, considering demand response has been developed. Three cost based scenario namely S1: High Cost Low Power Rating (HCLP), S2: Medium Cost with Moderate Power Rating (MCMP) and S3: Low Cost with High Power Rating (LCHP) have been presumed to calculate versatile hourly load demand. Adaptive Inertia Weight based Particle Swarm Optimization (PSO
_w
) algorithm has been applied for the system, to solve the objectives: optimal sizing of IRES, minimization of Overall Net Present Cost (ONPC) and Cost of Energy (CoE). Peak load shifting based Energy Management (EM) Strategy has been adopted and the results are compared with the solutions obtained without EM strategy.