Optimal sizing approach for islanded microgrids

This study proposes a single-objective optimal sizing approach for an islanded microgrid (IMG). The approach determines the optimal component sizes for the IMG, such that the life-cycle cost is minimised while a low loss of power supply probability (LPSP) is ensured. As wind speed and solar irradiation exhibit both diurnal and seasonal variations, the proposed algorithm takes advantages of the typical meteorological year-based chronological simulation and enumeration-based iterative techniques. The mathematical models presented in this study for the IMG components consider the non-linear characteristics as well as the reactive power. The LPSP is also formulated based on the supply-demand balances of both real and reactive powers, and an economic evaluation model is presented. The proposed sizing approach identifies the global minimum, and simultaneously provides the optimal component sizes as well as the power management strategies. This study also presents a number of sensitivity analyses as well as comparisons with a commercial software package.