Stochastic optimal scheduling in hybrid renewable energy systems incorporating demand response and transactive energy management

Abstract

The rapid expansion of renewable energy represents a significant and newlinepositive shift in the global energy landscape. Driven by environmental newlineconcerns, cost competitiveness, government support, technological advances, newlineand the growing demand from the public and private sectors, renewables have newlinebecome a cornerstone of sustainable energy solutions. This transition not only newlinereduces the carbon footprint and mitigates climate change but also enhances newlineenergy security, fosters job creation, and promotes economic growth. newlineWith on-going advancements in technology and grid integration, newlinerenewable energy is poised to play a significant role in the global energy mix, newlinecontributing to a greener and more sustainable future. However, the surplus newlinegeneration of renewable energy entering the grid can indeed lead to newlinefluctuations, disturbances, and instability effects. A key issue in switching to newlinerenewable energy sources is maintaining system stability in the face of the newlineinherent fluctuation of solar and wind power. To address this, operational and newlinescheduling systems must be adaptable and active. They need to continually newlineadjust power generation plans in real-time to accommodate fluctuations in newlinerenewable energy output. This involves a combination of forecasting, grid newlinemanagement, energy storage, and demand response mechanisms to ensure a newlinestable power supply. newline