Strategic Utilization of Resources in a Microgrid in an Uncertain Electricity Market

Microgrids integrated with renewable energy sources are a promising step towards the accomplishment of goal of power to all. It is essential to ensure that the available renewable sources are utilized in the best possible manner. This paperreviews the work done in this field and lays emphasis on optimally utilizing renewable energy sources (RES) in renewable microgrid i.e. the available power from RES is either utilized within the microgrid or shared with the main grid. The concept of renewable microgrid is presented as a microgrid consisting of renewable energy sources like wind, solar etc. in addition to conventional thermal generation. In order to maintain uninterrupted power supply, a pump hydro storage unit is proposed to manage intermittencies associated with renewable energy sources.