Frontiers in Energy

, Volume 9, Issue 1, pp 91–105 | Cite as

Intelligent optimization of renewable resource mixes incorporating the effect of fuel risk, fuel cost and CO2 emission

  • Deepak Kumar
  • D. K. Mohanta
  • M. Jaya Bharata Reddy
Research Article

Abstract

Power system planning is a capital intensive investment-decision problem. The majority of the conventional planning conducted since the last half a century has been based on the least cost approach, keeping in view the optimization of cost and reliability of power supply. Recently, renewable energy sources have found a niche in power system planning owing to concerns arising from fast depletion of fossil fuels, fuel price volatility as well as global climatic changes. Thus, power system planning is under-going a paradigm shift to incorporate such recent technologies. This paper assesses the impact of renewable sources using the portfolio theory to incorporate the effects of fuel price volatility as well as CO2 emissions. An optimization framework using a robust multi-objective evolutionary algorithm, namely NSGA-II, is developed to obtain Pareto optimal solutions. The performance of the proposed approach is assessed and illustrated using the Indian power system considering real-time design practices. The case study for Indian power system validates the efficacy of the proposed methodology as developing countries are also increasing the investment in green energy to increase awareness about clean energy technologies.

Keywords

modern portfolio theory energy policy CO2 emissions multi-objective optimization planning commission 

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Copyright information

© Higher Education Press and Springer-Verlag Berlin Heidelberg 2015

Authors and Affiliations

  • Deepak Kumar
    • 1
  • D. K. Mohanta
    • 2
  • M. Jaya Bharata Reddy
    • 3
  1. 1.School of Electrical SciencesIndian Institute of Technology BhubaneswarOdishaIndia
  2. 2.Electrical Engineering DepartmentBirla Institute of TechnologyMesraIndia
  3. 3.Electrical Engineering DepartmentNational Institute of TechnologyTrichyIndia

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