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The collective aim is to meet a power demand while respecting individual generator constraints and minimizing the total generation cost.
The economic benefit of PSHPPs comes from pumping with low-cost off-peak and generating on-peak to displace high-cost energy, to reduce total generation cost by time shifting (IEC 2011).
The average total generation cost of this scheme is $12959.
The total generation cost taken as a secondary strategy.
Also, the total generation cost goes up by 6.3% which is also significant.
The average total generation cost of this system is $13773, which is about 6.3% higher than the previous case in Section 4.1.1.
Similar(49)
In this formulation, the objective function is to minimize the total generation costs with energy cost (C_i) for generator i in (1).
Then conventional generators are put into operation according to their total generation costs.
The dispatch problem for the microgrid's conventional generators is formulated as a quadratic, mixed-integer program minimizing total generation costs comprising of gas turbine fuel costs as well as the costs of procuring from the reserve market.
The results are discussed in terms of impact on the reliability (ability to limit shortages) and cost (total generation costs) of the studied market designs.
Therefore, taking intermittency into account only demonstrates a small influence of the reserve margins of the entire power system and the total generation costs.
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