Comprehensive model for efficient microgrid operation: Addressing uncertainties and economic considerations.

The fabrication of microgrids to harness renewable resources for local load provision has emerged as a promising concept. Efficient energy management and resource utilization within the electricity market have become crucial tasks for microgrid operation. This article presents a comprehensive model that addresses economic and technical considerations, as well as uncertainties associated with load, wind speed, and solar radiation. Specifically, the focus is on optimizing the utilization and energy consumption of controllable loads within a distributed energy system, taking into account consumer preferences and operational constraints. A two-stage planning problem is formulated to minimize microgrid operation costs and consumer payments, while considering load requirements, restrictions, and utility-imposed constraints. To solve this problem, an enhanced algorithm based on the mountain gazelle optimizer with improved local search operators is proposed, significantly enhancing its search capabilities. The retail electricity market is modeled using real-time pricing (RTP) and incentive-based regulation (IBR) tariffs to capture wholesale price fluctuations and discourage simultaneous consumption. Notably, price forecasting becomes essential in scheduling controllable loads, introducing uncertainties that are addressed by a two-point estimate method. Simulation results demonstrate the effectiveness and robustness of the proposed approach, exhibiting low standard deviation and high resilience. The results highlight the potential of the proposed method in achieving cost-effective and reliable operation of microgrids in the face of uncertainties and dynamic market conditions. [Display omitted] • Framework cuts microgrid & user costs, models preferences, load limits. • Uses RTP, IBR tariffs for price flux, needs forecast. • Paper presents energy scheduling framework, accounts for distributed sources, prices. • MGO algorithm boosts microgrid optimization, factors in economy, tech, uncertainties. [ABSTRACT FROM AUTHOR]