Real-Time Risk and Cost Management of a Grid Connected Micro- Grid

In this paper, a detailed mathematical model of a gridconnected micro-grid including wind-turbine, photo voltaic cells and CHP with respective uncertainties inelectrical loads, thermal loads, PV and wind power outputs with normal distributions is presented. Moreover, the effects of the considered uncertaintieson the micro-grid’s operation cost are modelled as risk; and this risk is reduced through the battery and heat storage system, both of them separated intodynamic and static capacities. The dynamic capacity reduces the operation cost risk and the static capacityreduces the main (or expected) operation cost; and forthis a new Real-time Risk and Cost Management System is developed. Finally, a suitable cost functionconsidering both the cost of risk and expected cost is used for assessment of the proposed model using Monte Carlo simulations.