Even though the studies mentioned above are relevant, there are still significant gaps and open challenges:
To address these gaps, a sequential Monte Carlo simulation is adopted to assess and quantify MES reliability, based on well-known performance indicators (e.g., the reliability index, SAIDI), and considering storage devices and PV, as well as wind uncertainties. The Monte Carlo simulation is a mathematical technique for modeling risk or uncertainty in complex large-scale systems, and thus can help simulate their operation by using repeated random sampling from the specific probability distribution of random variables
[19]. There are two types of Monte Carlo simulation: non-sequential (or random) Monte Carlo and sequential Monte Carlo (chronological). Sequential Monte Carlo simulation, as opposed to the non-sequential approach, simulates the system states in a chronological sequence. Since an MES is a large-scale, complex, dynamic system, the sequential method is more appropriate for evaluating MES reliability
[20]. The Monte Carlo simulation approach is integrated into the problem of optimizing MES reliability, taking economic considerations into account. Thus, a reliability optimization is formulated as a multi-objective problem aiming to maximize MES reliability in a cost-effective manner. The resulting optimization problem is highly complex and nonconvex, with a large number of variables and strongly coupled subsystems. Because of this, solving such an optimization problem using analytical methods, such as interior point and branch-and-bound methods, is extremely hard, and metaheuristics are a more suitable option
[21]. Metaheuristic methods, such as genetic algorithms and particle swarm optimization, are widely utilized in the energy system domain to tackle numerous problems
[21], which include reliability optimization, economic dispatch, optimal power flow, distribution system reconfiguration, load and generation forecasting, and maintenance scheduling. These are solved using metaheuristic optimization in
[22][23][24]. Among them, the Pareto-based MOEA (multi-objective evolutionary algorithms), including NSGA-II, MOPSO, and SPEA2, appear to be the most commonly used. The Pareto front contains a set of non-dominated solutions from which decision makers can choose their preferred one
[21]. Since metaheuristics can address multiple-objective, multiple-solution problems and can calculate high-quality solutions to complicated real-world problems
[25], this paper adopts these three methods—NSGA-II, SPEA2, and MOPSO to find out the optimal storage device placement schemes. NSGA-II
[26], which is one of the most frequently used genetic algorithms and is based on the crowding distance criterion (the average distance between a given solution and the nearest solution belonging to the Pareto front; individuals with greater crowding distances are reserved for the next generation), has a strong capability to avoid being trapped in a local optimal solution. Moreover, NSGA-II has shown fast and efficient convergence to Pareto solutions. Unlike NSGA-II, SPEA2
[27] uses a different criterion-clustering method, which preserves the characteristics of the nondominated solutions. In high-dimensional objective spaces, SPEA2 appears to outperform NSGA-II. However, NSGA-II has a “broader range” of solutions, and is thus more likely to obtain solutions closer to the Pareto optimal front
[27]. The principle and technique of MOPSO
[28] are relatively simple compared to the other algorithms. MOPSO is based on the flocking behavior of birds, in which an individual’s movement is influenced by the locations and movements of nearby individuals. MOPSO also exhibits a fast convergent rate; however, it performs worse than genetic algorithms at finding Pareto solutions.