Economic dispatch of microgrid considering optimal management of lithium batteries

Energy storage device is an important component to facilitate microgrid (MG) stable and efficient operation and has great prospect in the future power system. This paper mainly dose two contributions with regard to the grid-connected MG. Firstly, charging strategy for lithium batteries is modeled based on which the economic dispatch model of MG is developed. Secondly, depreciation cost of lithium batteries is added to the cost function of the proposed economic dispatch model. The proposed dispatch model is demonstrated to be successful to achieve the optimal management of the lithium battery. This study is favorable to prolong the cycle life, achieves sufficient utilization of the lithium battery, and provides a theoretical basis for charging process management and optimal DOD dispatch of the lithium battery storage in MG.