Real-time risk and cost management of a grid connected micro-grid

In this paper, a detailed mathematical model of a grid-connected micro-grid including wind-turbine, photo voltaic cells and CHP(Combined Heat and Power) with respective uncertainties in electrical loads, thermal loads, PV and wind power outputs with normal distributions is presented. Moreover, the effects of the considered uncertainties on the micro-grid´s operation cost are modelled as risk; and this risk is reduced through the battery and heat storage system, both of them separated into dynamic and static capacities. The dynamic capacity reduces the operation cost risk and the static capacity reduces the main (or expected) operation cost; and for this a new Real-time Risk and Cost Management System is developed. Finally, a suitable cost function considering both the cost of risk and expected cost is used for assessment of the proposed model using MonteCarlo simulations.