Optimization of Economic Parameters for Hybrid Renewable Energy System- A Review (KEY IJP************375)

• Swati Malviya ,Abhay Chaturvedi

Abstract

The rapid advancement of renewable energy markets has significantly increased the interest in integrating multiple power sources into Hybrid Renewable Energy Systems (HRES). These systems can address the limitations of individual energy generation technologies by enhancing fuel efficiency, economics, reliability, and flexibility. A key challenge, however, is the stochastic nature of solar (photovoltaic, PV) and wind energy resources. Wind energy does not always align with load patterns and can be wasted during periods of excess, while solar energy is only available during daylight hours. A hybrid energy system that incorporates energy storage, renewable, and nonrenewable generation sources can mitigate the challenges posed by renewable resource uncertainties and fluctuations. The optimization of a large set of random variables and system parameters is essential to determine the most efficient sizing of the hybrid system components, ensuring the achievement of economic, technical, and design objectives. This chapter provides an overview of optimal sizing and the various optimization algorithms used for designing HRES, along with the objective functions typically considered in such systems.