Implications of smart grid and customer involvement in energy management and economics

The production of electrical energy is always a substantial contributor to a country's economy; in particular, integrating renewable energy sources into the existing power system has tremendous techno-economic implications. However, the optimal penetration of renewables and dynamic loads management is highly complex while considering the multiple variables, time-varying characteristics, and operational uncertainties. This paper proposes a new model design of a grid-tied renewable system. It investigates energy economics and forecasts for the practical locality of the Muzaffarabad area in Azad Jammu and Kashmir. The proposed research examines the annualized energy estimation concerning varied customer PV system participation. The impact of consumer feedback on energy production is briefly examined. Various aspects, such as energy economics, including annual revenue generation, energy prices, and energy sell-back, are demonstrated in detail. The proposed study also looks at the connection between the rising usage of renewable energy and falling greenhouse gas emissions and energy prices. Moreover, it shows how customer input has altered energy economics via each district taking part in energy sharing. Also, it illustrates the relationship between energy bought and sold and how the grid and PV's share of energy interact. Based on the research study findings, PV systems can provide 61% of the total region's energy needs with maximum consumer involvement. The study found that when PV is integrated at a maximum level, grid energy purchases fall to 52%. Polluting gas emissions were reduced by 64% courtesy of the recommended approach, and energy cost was cut from $0.20 per kWh to $0.09 per kWh. The recommended system produces 81,635,608 dollars in revenue yearly and achieves a renewable part of 46.17% with the highest level of customer interaction.