Novel decision-based modeling of minimizing usage cost of electricity in smart grid

Abstract

The rapid growth of electricity consumption globally defines the need of electronic power conditioning, control of production and distribution of electricity over smart grid from a technical aspect. To reduce the global carbon emission, integrated framework deployments on the smart grid have gain lot of attention from research scientists. Therefore, the present scenario in the field of electricity and power distribution management incorporates the advanced information and communication technology. It can enhance efficiency, reliability and safety standards by conceptualizing distributed renewable energy utilization. This paper aims to represent an efficient and structured power distribution network (i.e. Grid) based framework to optimize the electricity cost of smart appliances. The proposed study conceptualizes the optimal framework by introducing a novel energy buffering methodology which integrates both micro grid controller and distributed energy storage to formulate the network. An analytical modeling has been introduced and tested considering storage capacity, financial cost, and electricity price to ensure the effectiveness of the proposed operational energy measurements using smart meters. The study also depicts ability of proposed method to significantly reduce the long-term term financial cost.