Optimal allocation of EV charging station and capacitors considering reliability using a hybrid optimization approach

This paper proposes a novel approach for strategically placing EV charging stations (EVCS) and capacitors within electrical distribution networks (EDN) to mitigate issues arising from the widespread adoption of Electric Vehicles (EVs). The goal is to maximize the net present value (NPV) by reducing energy losses and minimizing system interruption costs while ensuring reliability. To achieve this, the paper introduces a hybrid optimization technique called HGP_CS, which combines Grey Wolf Optimization (GWO), Particle Swarm Optimization (PSO), and Cuckoo Search optimization methods. By employing various compensation coefficients to assess failure rates and identify strategies for enhancing NPV, the approach aims to optimize the placement of EVCS and capacitors within the EDN. Validation is carried out in IEEE 33-bus and 118-bus systems to demonstrate the performance of the proposed approach. It is found that the proposed approach, compared to the base case, reduced the energy loss cost by 34.19% and 31.57% and also the Expected Interruption Costs (EIC) by 17.26% and 13.41%, for IEEE 33-bus and 118-bus system, respectively. Additionally, the proposed method is economically beneficial as it can attain higher profits. In IEEE 33- bus and 118 bus systems, the annual net profit using the proposed approach is 36,805 $/year and 271,670.72 $/year, respectively. Thus, the proposed technique enhances the overall system performance and significantly boosts profitability, making it a compelling choice for optimizing the placement of charging stations and reactive power sources in networks.