Energy storage sizing by stochastic optimization for a combined wind-wave-diesel supplied system

In this paper a stochastic procedure is applied to the problem of sizing storage system for an isolated power system with significant wind and wave energy penetration. The case study has analyzed real data from three Canary Islands (La Gomera, Lanzarote and Fuerteventura) in order to find the optimum energy storage size (ESS) in terms of economic profitability. The results show that the storage deployment is significantly suitable whenever the power penetration of wind-wave resources is at least 50% of the local maximum power demand. The results show that the reduction in the cost of energy is larger when the renewable power penetration is 100% than when it is 50%. At the same time the study shows that an uneven combination of wind and wave resources makes the use of an ESS more profitable compared to equally source share plants.