Optimal scheduling of microgrid operation considering the time-of-use price of electricity

This paper presents an optimal scheduling strategy that decouples the dynamic formulation for dispatching energy storage units from dispatching ac grid power exchange in microgrids. This method takes into account the time-of-use price of electricity. It also considers initial stored energy as a decision variable in the optimization process instead of a fixed parameter. Case studies and results have been presented to show the effectiveness of the proposed strategies.