Abstract
Renewable energy gains more popularity over the decades because it is environmentally friendly and never runs out. Hybrid renewable energy system (HRES), which combines renewable energy resources such as wind and solar power generators and conventional power generators, utilizes renewable energy first and uses conventional power generators to make up the difference when renewable power is insufficient. Due to a large variability in the renewable energy supply and power demand, how to effectively and efficiently store the excessive power in HRES so as to achieve minimum cost has been a challenging problem. In this paper, we propose a stochastic programming model to characterize the power storage problem. Further, we develop an analysis methodology to decide on the optimal power storage strategy. An extensive numerical study is conducted to verify the viability of the proposed model in real settings.