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Economic studies in power systems have gained more importance post deregulation. The number of generators participating in the power market have significantly increased over the past years. Smart grids are now enabling distributed generation resources to also participate in the power market. Many economic studies conducted on power system networks utilize legacy quadratic cost curves which are based...
Microgrids are generally comprised of a number of Distributed Energy Resources (DERs) which may be renewable or non-renewable sources. Due to the intermittent nature of wind and solar resources, batteries are commonly used to ensure power quality and reliability. A central Energy Management System (EMS) is necessary to coordinate operation for the most economical utilization of all microgrid resources...
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