In The Economics of Microgrids, a pair of distinguished researchers delivers an expert discussion of the microeconomic perspectives on microgrids in the context of low-carbon, sustainable energy delivery. In the book, readers will explore an engineering economics framework on the investment decisions and capital expenditure analyses required for an assessment of microgrid projects. The authors also examine economic concepts and models for minimizing microgrid operation costs, including the cost of local generation resources and energy purchases from main grids to supply local loads.
The book presents economic models for the expansion of microgrids under load and market price uncertainties, as well as discussions of the economics of resilience in microgrids for optimal operation during outages and power disturbances. Readers will also find:
A thorough introduction to the engineering and economics of microgrids
Comprehensive explorations of microgrid planning under uncertainty
Practical discussions of microgrid expansion planning, operations management, and renewable energy integration
Fulsome treatments of asset management and resilience economics in microgrids
Perfect for senior undergraduate and graduate students as well as researchers studying power system design, The Economics of Microgrids will also benefit professionals working in the power system industry and government regulators and policymakers with an interest in microgrid technologies and infrastructure.
Author(s): Amin Khodaei; Ali Arabnya
Publisher: John Wiley & Sons
Year: 2024
Language: English
Pages: xiv; 239
City: Hoboken
Tags: Microgrids (Smart power grids)–Costs; Microgrids (Smart power grids)–Economic aspects; Energy transition
Cover
Title Page
Copyright Page
Contents
About the Authors
Acknowledgments
Acronyms
Chapter 1 Fundamentals of Microgrids
1.1 Introduction to Microgrids
1.2 Distributed Energy Resources for Microgrids
1.3 The Role of Microgrid in Power Systems
1.3.1 Reliability
1.3.2 Resiliency
1.3.3 Power Quality
1.4 Microgrid Technologies
1.4.1 Microgrid Power Management and Control
1.4.2 Microgrid Islanding
1.4.3 Microgrid Protection
1.4.4 Microgrid Communications and Human–Machine Interface (HMI)
1.5 Overview
References
Chapter 2 Microgrid Operations Economics
2.1 Fundamentals of Microgrid Operations Economics
2.2 Dynamics of Optimal Scheduling in Microgrids
2.2.1 T − τ Islanding Criterion
2.3 An Economic Model for Microgrid Optimal Scheduling with Multi-Period Islanding
2.3.1 Grid-Connected Operations
2.3.2 Islanded Operations
2.4 Case Study
2.5 Summary
References
Chapter 3 Resilience Economics in Microgrids
3.1 The Art of Resilience
3.2 The Impact of Uncertainty
3.3 An Economic Model for Microgrid Resilience
3.4 Case Study
3.5 Summary
References
Chapter 4 Community Microgrid Operations Management
4.1 Principles of Community Microgrids
4.2 Economic Variables in Community Microgrid Operations
4.3 An Economic Model for Community Microgrid Operations Management
4.3.1 Master Controller
4.3.2 Local Controller
4.3.3 Price Signal Calculation
4.3.4 Uncertainty Consideration
4.4 Case Study
4.5 Summary
References
Chapter 5 Provisional Microgrids for Renewable Energy Integration
5.1 Economic Considerations in Provisional Microgrids
5.2 An Economic Model for Provisional Microgrids
5.2.1 Component Modeling
5.2.2 Problem Formulation
5.3 Case Study
5.3.1 Case 1: A.Baseline Case with Load, Non-Dispatchable Generation, and Market Price Uncertainties
5.3.2 Case 2: Considering Uncertainty in the Coupled Microgrid's Available Unused Capacity
5.3.3 Case 2(a): Employing Fast Charge/Discharge Energy Storage
5.3.4 Case 2(b): Addition of a 1MW Dispatchable Unit
5.4 Summary
References
Chapter 6 Engineering Economics of Microgrid Investments
6.1 Principles of Engineering Economics in Microgrids
6.2 Economic Variables in Microgrid Investments
6.2.1 Reliability
6.2.2 Resiliency
6.2.3 Carbon Emission Reduction
6.2.4 Reduced Costs of Recurring System Upgrades
6.2.5 Energy Efficiency
6.2.6 Power Quality
6.2.7 Lowered Energy Costs
6.3 Capital Expenditure and Cash Flow Analysis for Microgrids
6.3.1 Microgrid with a Single DER
6.3.2 Microgrid with Multiple DERs
6.4 Case Study
6.5 Summary
References
Chapter 7 Microgrid Planning Under Uncertainty
7.1 Dynamics of Uncertainty in Microgrids
7.2 Economics of Uncertainty in Microgrids
7.3 An Economic Model for Microgrid Planning Under Uncertainty
7.3.1 Microgrid Planning Objective
7.3.2 Planning Constraints
7.3.3 Operational Constraints
7.3.4 Economic Assessment of DER Selection
7.4 Case Study
7.4.1 PDC vs Chronological Curve
7.4.2 Optimal Microgrid Planning
7.5 Summary
References
Chapter 8 Microgrid Expansion Planning
8.1 Principles of Microgrid Expansion
8.2 Economic Variables for Microgrid Expansion
8.2.1 AC vs. DC Microgrid Planning
8.2.2 Hybrid Microgrid Planning
8.3 Economic Viability Assessment Model
8.4 Case Study
8.4.1 Uncertainty Consideration
8.4.2 Computational Complexity
8.5 Summary
References
Chapter 9 Microgrids for Asset Management in Power Systems
9.1 Principles of Asset Management
9.2 Economic Variables in Microgrid Asset Management
9.2.1 The IEEE Standard – Guide for Loading Mineral-Oil-Immersed Transformers
9.2.2 Transformer Asset Management via Microgrid Optimal Scheduling
9.3 An Economic Model for Integration of Microgrids in Asset Management
9.3.1 Microgrid Optimal Scheduling (Master Problem)
9.3.2 Transformer Asset Management (Subproblem)
9.4 Case Study
9.5 Summary
References
Chapter 10 Dynamics of Microgrids in Distribution Network Flexibility
10.1 Principles of Distribution Network Flexibility
10.2 Economic Variables for Microgrids in Electricity Distribution Networks
10.3 Economic Models for Distribution Network Operations Under Microgrid Dynamics
10.3.1 Operation Constraints (Os)
10.3.2 Flexibility Constraints (Fs)
10.3.3 Islanding Considerations
10.4 Case Study
10.5 Summary
References
Chapter 11 Microgrid Operations Under Electricity Market Dynamics
11.1 Principles of Microgrid Operations Under Electricity Markets
11.2 Economic Variables of Electricity Markets in Microgrid Operations
11.3 An Economic Model for Microgrid Operations Planning Under Market Dynamics
11.3.1 Microgrid Level
11.3.2 DMO Level
11.3.3 ISO Level
11.4 Case Study
11.5 Summary
References
Index
EULA
