Value-based operational strategy of CHP-based microgrid: A comparative analysis

In the present paper, authors presents a value-based comparative analysis between electrical thermal demand tracking modes of operations at the planning stage from owner´s point of view. Worth of operational strategy is evaluated using maximization of net present value (NPV) of 6-bus meshed and 14-bus radial microgrids which are assessed from optimal deployment their DERs with respect to optimal locations, optimal sizes and types. Loss sensitivity index (LSI) method is used to select optimal locations, whereas optimal sizes and its categorization into micro-turbines and diesel generators are done using particle swarm optimization (PSO) technique with an object of maximization of NPV of microgrid. Internal rate of return (IRR) and payback period (PP) of the microgrid are used as additional decision-making tools.