Optimal cost valuation for renewable power plants using PSO in rural area

Abstract

Cost is the main factor to run a project. Projects of renewable hybrid power plants that typically built in rural area have limited development funds. Thus, these plants should be based on an effectiveness and efficiency in order to meet the load demands with a certain reliability index. This work explains minimum cost by optimizing the cost of the power plants, Nett Present Cost or NPC, with an Equivalent Loss Factor (ELF) index to supply typical villages needs (200 kW), with the source of wind, solar, micro hydro and fuel cell. The result of this optimization includes batteries are used as an energy storage, which are considered as a source in the optimization process. The simulation by PSO method is proposed to solve the optimization problems. The simulation produces the equation function between Cost of Energy, LCOE and a reliability ELF index by y =-0.016ln (x) + 0.0131. The lower ELF index the higher LCOE value, according to the equation function.