Risk-based performance analysis of microgrid topology with distributed energy generation

World is moving towards smart grid infrastructures to increase the efficiency of power supply and use while optimizing associated costs and risks with increased profitability to all related parties. In order to support the shift from current grid to target smart grid, it is important to provide design support systems to ensure multi-objective optimization for life cycle activities for the design and operation of smart grid. This paper presents multidimensional modeling approach to evaluate the risk based performance of smart grid infrastructures and to support the design and operational engineering activities, which includes risks and cost analysis. The model integration of distributed renewable energy and storage technologies across the superstructure of smart grid will support power performance optimization in terms of load and demand management in microgrid level as well as globally in specified region. The proposed knowledge structure will support modeling and simulation activities for different design and operational tasks of smart grid and the integrated grid applications. (C) 2012 Elsevier Ltd. All rights reserved.