Decision Guidance Framework for a Hybrid Renewable Energy System Investment Model

Abstract

This paper focuses on making optimal investment and operational recommendations for a Hybrid Renewable Energy System (HRES). For this purpose we develop a modular composite analytic performance model for HRES investment, which is based on an extensible library of atomic component models, including renewable sources such as solar and wind, power storage, power contracts, and programmable customer loads’ switches. The performance model formally expresses feasibility constraints and key performance indicators, including total tost of ownership, environment impact, and infrastructure resilience, as a function of investment and operational decision variables. Based on the performance model, we design and develop a decision guidance system to enable actionable investment recommendations that optimize key performance indicators subject to the operational constraints associated with the network. Finally, we demonstrate the model in a case study based on a real world example for a municipal electric utility.