Journal article
Sustainable portfolio re-equilibrium on wind-solar-hydro system: An integrated optimization with combined meta-heuristic
Energy & environment (Essex, England), p958305
16 Mar 2022
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Due to the intermittency of renewable energies, their acceptances in electricity market are lower than fossil energies. Therefore, it is necessary to overcome the development resistance through portfolio re-equilibrium. Balance supply and demand in markets involving different stakeholders to optimize return on investment. Compared with the past, this paper proposes an integrated optimization with combined meta-heuristic for wind-solar-hydro system. It investigates to coordinate the interactions of power stations and power grid with their internal conflicts respectively. Specifically, the investment profit, the investment volume and the investment risk are considered as the optimized objectives for wind-solar-hydro system. However, power grid takes operation efficiency, surplus electricity and carbon emissions into account to be the optimal objectives. They are composed to establish a bi-level programming model. Moreover, an improved particle swarm optimization is utilized to deal with the problem-orientated model with NP-hard complexity. Finally, to verify the feasibility of the proposed model, a case of wind-solar-hydro system from Panzhihua located in southwest China is conducted. The results showed that portfolio re-equilibrium strategies had the potential to push forward sustainable development. Secondly, generating capacity was positively affected by the initial investment volume. However, the investment profit did not absolutely rise with the grow of investment risk. Thirdly, profit-oriented strategies were conducive to carbon emissions reduction. But risk-oriented strategies can reduce surplus electricity and increase the stability of electricity purchase schemes.
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Details
- Title
- Sustainable portfolio re-equilibrium on wind-solar-hydro system: An integrated optimization with combined meta-heuristic
- Creators
- Lu Gan - Sichuan UniversityDirong Xu - Sichuan Agricultural UniversityXiuyun Chen - Sichuan Agricultural UniversityPengyan Jiang - Sichuan Agricultural UniversityBenjamin Lev - Drexel UniversityZongmin Li - Sichuan University
- Publication Details
- Energy & environment (Essex, England), p958305
- Publisher
- Sage
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Decision Sciences (and Management Information Systems)
- Web of Science ID
- WOS:000773081300001
- Scopus ID
- 2-s2.0-85126362875
- Other Identifier
- 991019168603104721
UN Sustainable Development Goals (SDGs)
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Environmental Studies