Abstract:
The universal power demand is increasing every day because of population growth, industrial revolution and high
standards of living. The renewable energy technologies (RETs) are environmental and cost-effective solutions to satisfy dynamic
load profile based on the application of multiple components of a standalone microgrid system that encompasses photovoltaic
(PV), diesel generator (DG), electric storage system and wind turbine generator (WTG). This study reveals more insight into
various research questions that have not been completely addressed in past investigations. The contributions of the study are
expressed: (i) analyse the effects of RETs on the total cost, (ii) test the total benefits, (iii) estimate the market benefit share of
the unit that reflects the benefit of one generation unit in proportion to the whole power system, (iv) maximise and minimise the
yearly average power generated by (PV and WTG) and DG. This research work presents the application of fmincon optimising
tool to accomplish the objectives of the study owing to some significant characteristics. The outcomes of the work show the
validity of the model and can assist the utilities to minimise the costs that are identified with the optimal operation of their power
systems.
