Abstract:
This paper presents a multi-objective dynamic economic dispatch model with renewable obligation requirements. The two objective functions that are presented in this paper aim to increase the level of renewable energy sources in the grid while minimising the total operating cost and respecting the spinning reserves required to maintain continuity of supply. The proposed model incorporates thermal power plants, photovoltaic and wind power plants into the grid. The paper presents a Pareto optimal solution which is a compromise between maximising the renewable energy source generation while minimising the operating costs. A renewable obligation policy is implemented in the proposed model to ensure that renewable energy source generators are utilised and any failure to attain the required renewable obligation is penalised in line with the renewable obligation framework. The proposed model is modified into a single objective optimisation problem and numerical tests are performed on the modified IEEE 24 RTS system and IEEE 118 bus system to test the effectiveness of the model. A comparative study evaluates the impact of the proposed model on the traditional dynamic economic dispatch in terms of the achieved renewable energy source penetration level and economic performance. The numerical simulations show that the proposed model is robust and can attain high renewable energy source penetration levels.
