Optimizing Microgrid Operations with Risk-Based Energy Management System

Abstract

Risk-based microgrid energy management refers to the strategy of managing the operation and control of a microgrid while considering various risk factors associated with its components and external factors. Microgrids are localized energy systems that can operate independently or in conjunction with the traditional grid, typically incorporating renewable energy sources, energy storage systems, and advanced control technologies. However, managing a microgrid can be challenging due to the intermittency of renewable energy sources, such as wind, solar, load fluctuations, grid price and energy storage system performance. A Microgrid Energy Management System (Microgrid EMS) is a software platform designed to monitor, control, and optimize the operation of a microgrid considering the uncertainties involved.The risk contributing factors consid ered for this work includes, uncertain behaviour of distributed energy resources (DERs) like solar panels, wind turbines, load uncertainty and grid price. These uncertainties make microgrid operation more challenging. The paper presents a risk based microgrid EMS model that can be used to manage the integration of uncertain renewable energy sources into the main grid, which is a critical step towards achieving a more sustainable energy future.