Multi-objective price based flexible reserve scheduling of virtual power plant

In this research, multi-objective optimization of VPP is performed by considering multiple renewables and co-generation sources and solved by using the recently developed multi-objective Harris Hawk’s optimization (MOHHO) algorithm. Renewable sources comprise solar Photovoltaic (PV), wind power, fuel cells along with energy storage systems (ESS), electric vehicles (EV), along with CHP units are associated to form a VPP system. The penalty factor approach is implemented along with the weighting factor to develop a multi-objective framework that can simultaneously capitalize on the net profit and minimalize the emission while taking proper care of the related constraints. In this research, EVs are considered as a flexible reserve option along with a dedicated ESS applicable as a spinning reserve. Also, a dynamic pricing-based strategy is also presented and the optimization of VPP is accomplished by implementing a multi-objective-based day-ahead scheduling (MODAS) to see the behaviour of the anticipated system with a suitable method of constraint handling. Four diverse illustrations are considered in three different case study which is performed for hourly-based scheduling and the results are compared with the proposed technique. Statistical analysis is performed and the quality solution sets are attained by the HHO algorithm after performing 100 independent trials and the same is correlated with the available studies that indicate the efficacy and appropriateness of the selected approach. [Display omitted] •This work evaluated a VPP system comprise of multiple RERs.•Multiple reserve provisions are equipped to the developed VPP as EV and ESS.•Peak valley based dynamic pricing scheme is applied to increase profit margin.•HHO is employed to solve the anticipated VPP problem.•Performance of VPP is validated through multiple illustrations and implication are emphasized from the contextof SDG.