Optimal Utilization of Hybrid Renewable Energy System with Incentive Based Demand Response Program

Abstract

- Demand response plays a vital role in electricity market to maintain energy balance between supply and load. In this paper Optimal Utilization of Hybrid Energy System with Incentive Based Demand Response Program (DRP) is proposed. Incentive based demand response program is implemented using Hybrid optimization model of electric renewables (HOMER) while optimizing the bidding with minimum cost of energy (COE) , net present cost (NPC) and maximizing the returns. Two incentive sensitivities are analyzed for various configuration of hybrid system. This DRP encourage the consumers to participate and to reduce their peak load. Finally, HOMER based simulations are carried out which shows efficacy of our proposed Incentive Based Demand Response Program.