A Technical Review on Reliability and Economic Assessment Framework of Hybrid Power System with Solar and Wind Based Distributed Generators

Recent years have witnessed an upsurge in the penetration of solar and wind power. This can be chiefly attributed to worldwide climate concern and inclination towards low carbon sources. Owing to their abundant availability, solar and wind sources are projected to play a key part in de-carbonization of power sector. However, the variability of these sources and high initial cost pose a major challenge in their deployment. Thus, reliability and economic assessment is imperative to hybrid power system(HPS) with solar and wind integration. This paper tenders a survey on different aspects involved in reliability and economic assessment of HPS. Various techniques employed in uncertainty modelling of climatological parameters like solar irradiance and wind velocity have been deliberated. A detailed discussion on reliability evaluation parameters as well as techniques along with their merits and demerits has been carried out. In order to impart a sense of extensiveness to review, a discussion on economic evaluation metrics has also been presented. Further, author’s critical comments on review along with suggestions for possible research avenues has also been presented. The review presented in this paper is envisioned to facilitate a comprehensive guide towards evaluation of solar and wind energy based HPS.