Economic Analysis and Optimization of Micro Grid considering Incentive Oriented Demand Response Programme
Sarabjeet Singh1, Saurabh Chanana2
1Sarabjeet Singh, Pursuing Ph.D., Department of Electrical Engineering, NIT Kurukshetra.
2Saurabh Chanana, Associate Professor, Department of Electrical Engineering in NIT Kurukshetra.
Manuscript received on November 20, 2019. | Revised Manuscript received on November 26, 2019. | Manuscript published on 30 November, 2019. | PP: 3716-3721 | Volume-8 Issue-4, November 2019. | Retrieval Number: D8101118419/2019©BEIESP | DOI: 10.35940/ijrte.D8101.118419
Open Access | Ethics and Policies | Cite | Mendeley | Indexing and Abstracting
© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: In this paper, Economic Analysis and Optimization of Micro Grid (MG) considering Incentive oriented Demand Response Programme (DRP) is proposed. To minimize levelized cost of energy, net present value and to maximize return on investment, incentive oriented Demand Response Programme is implemented using Hybrid optimization model of electric renewables (HOMER). Assessment of this work targets end users having installed net energy meters/smart meters with flat rate. This DRP also encourage end users to reduce their peak load. Simulations are carried by Hybrid optimization model of electric renewables. Results show that MG with incentive oriented DRP can be utilized for optimizing the bidding, utility savings to minimize levelized cost of energy, net present value and maximize Return on Investment(ROI).
Keywords: Demand Response Programme, Return on investment, Levelized cost of energy, Micro Grid, HOMER.
Scope of the Article: Micro Strip Antenna.