Abstract:

Standalone or residential microgrids (MG) are becoming increasingly common.  Their success is premised on optimal operational strategies like demand side management (DSM). It is not uncommon in optimization problems to deal with competing objectives in the context of multi-objective optimization. In a domestic MG, optimization objectives may encompass minimization of OPEX, maximization of consumers’ utility, and minimization of CO2 emissions etc. This article employs a technique which transforms a bi-objective energy optimization problem into a single objective problem then solving the problem using the heuristic technique of binary particle swarm optimization (BPSO). The random phenomena associated with the statistical load profiles and multiple renewable energy sources (RESs) are modelled using established statistical ap-proaches. Results obtained using simulation show that the pro-posed model can minimize the OPEX of isolated MG whilst sim-ultaneously meeting the utility expectations of consumer.

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