Reliability and economic evaluation of power system with renewables: A review

The share of renewable energy generation has been increasing as a result of the world-wide concern on environmental deterioration and climate change associated with burning fossil fuel. Due to the stochastic and intermittent characteristics of renewable energy resources, assessing the reliability of power systems with renewables has become challengeable and been widely studied for the past several decades. This paper provides a review of the studies on the reliability and economic evaluation of power system with renewables. It starts from a summary of the key indicators and models for assessing the reliability and economics of power systems. Different studies are then compared in terms of type of renewables, evaluation method, application area, level of study and country involved, through which the main features of past studies are identified. We also discuss the relationship between economics and reliability that shows the necessity of evaluating reliability and economics of power system with renewables simultaneously. A case study is finally proposed to illustrate the differences between alternative system settings in reliability and economic evaluation. It is found that the types and scales of renewable energy generation have significant impacts on system reliability and economics, which needs to be taken into account in the development of renewable energy power systems.