A multi-objective strategy for cost-effective microgrid solutions based on renewable energy sources
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Keywords:Renewable Energy Sources (RESs), Energy Management, Cost Optimization, Multi-Verse Optimizer, Microgrid, Multi-Objective Genetic Algorithm
With the rapid urbanization and increasing energy demands, microgrids are recognizing renewable energy sources (RESs) as a valuable power generation option. However, efficiently managing the energy cost poses a significant challenge in integrating RESs with microgrids. To address this challenge, this study presents a novel approach utilizing a cost-effective multi-objective genetic algorithm (MOGA) to optimize power allocation among diverse generation units within the microgrid. The proposed MOGA algorithm aims to minimize generation costs by efficiently distributing the generated power from different sources in the microgrid vs the CO2 emission. By leveraging the genetic algorithm population, MOGA generates a diverse set of non-dominated solutions. Simulation results demonstrate the effectiveness of the proposed approach in reducing the cost of RESs in microgrids, surpassing the performance of other multi-objective optimization methods such as multi-objective particle swarm (MOPSO) and multi-objective wind-driven optimization (MOWDO).