Profit Maximization of Retailers with Intermittent Renewable Sources and Energy Storage Systems in Deregulated Electricity Market with Modern Optimization Techniques: A Review

The impact of integrating hybrid (wind and solar) renewable energy sources with energy storage devices in Micro-grid (MG) operations under the deregulated electricity market is becoming a burning issue now a days. Due to the intermittent nature of renewable, accurate load forecasting in the day-ahead electricity market is challenging. As a result, it is very difficult for retailers to balance the supply-demand in the real-time electricity market. This paper comprehensively reviews (i) the optimization approaches to determine the best results for different proposed problem-formulation techniques for precise load forecasting and (ii) profit maximizations for retailers and energy users to decrease the electricity bill for end-users and other utilities. The results obtained from the discussed problem formulation techniques have also been analyzed. Finally, based on the review, po-tential obstacles in this topic have been identified, and future research directions in this context have been pointed out.