Abstract
The incorporation of renewable energy into the existing electrical system is vital in a competitive electrical system. The unpredictable nature of renewable sources is the main obstacle to energy source integration. Since wind energy is unpredictable, integrating it into an existing thermal system requires some additional operating procedures to maintain the economic and functioning sustainability of the system. In a competitive power network, renewable energy uncertainty creates an imbalance cost (IC) which directly affects the system economy. This study investigates system generation costs, voltage profiles, and electric losses in a deregulated power market incorporating wind farms (WF) & fuel cells (FC). The fuel cell has been used here as a reserve generating unit to mitigate the deficit of power in the renewable incorporated system. To check the efficacy of the presented method, two locations in India are chosen at random. To assess the imbalance cost caused by the discrepancy between forecasted (FWS) and actual wind speeds (AWS), several charge rates (i.e. surplus and deficit) were established. The electrical system has been restructured, so consumers are continually looking for efficient and stable economic power which is only possible by reducing the system risk. This paper outlines a strategy for the optimal operation of a Thyristor-Controlled Series Compensator (TCSC) and fuel cell in a wind-integrated system to maximize system profit and minimize the system risk. In this work, different algorithms like Sequential Quadratic Programming (SQP), Artificial Bee Colony Algorithms (ABC), and Moth Flame Optimization Algorithms (MFO) are used to analyze the economic and functional risk of the system. Additionally, it explains how the fuel cell system is employed to offset the wind farm integration's deviation in the real-time power market. Value-at-Risk (VaR) and conditional Value-at-Risk (cVaR) have been used for risk analysis. A modified IEEE 14-bus test system is considered to validate the entire study whereas any small, large as well as hybrid systems can be considered to perform this methodology.