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Summary: In the modern world, only conventional energy resources cannot fulfil the growing energy demand. Electricity is a fundamental building block of a technological revolution. Today, most of the electricity demand is met by the burning of fossil fuels but at the cost of adverse environmental impact. In order to bridge the gap between electricity demand and supply, nonconventional and eco‐friendly means of energy generation are considered. Renewable energy systems (RESs) offer an adequate solution to mitigate the challenges originated due to greenhouse gasses (GHG). However, they have an unpredictable power generation with specific site requirements. Grid integration of RESs may lead to new challenges related to power quality, reliability, power system stability, harmonics, subsynchronous oscillations (SSOs), power quality, and reactive power compensation. The integration with energy storage systems (ESSs) can reduce these complexities that arise due to the intermittent nature of RESs. In this paper, a comprehensive review of renewable energy sources has been presented. Application of ESSs in RESs and their development phase has been discussed. Role of ESSs in increasing lifetime, efficiency, and energy density of power system having RESs has been reviewed. Moreover, different techniques to solve the critical issues like low efficiency, harmonics, and inertia reduction in photovoltaic (PV) systems have been presented. Unlike most of the available review papers, this article also investigates the impact of FACTS technology in RESs‐based power system using multitype flexible AC transmission system (FACTS) controllers. Three simulation models have been developed in MATLAB/Simulink. The results show that FACTS devices help to maintain the stability of RESs integrated power system. This review paper is believed to be of potential benefit for researchers from both the industry and academia to develop better understanding of challenges and solution techniques for REs‐based power systems and future research dimensions in this area. [ABSTRACT FROM AUTHOR]

Summary: This paper is concerned with innovative approaches to renewable energy sources computation methodologies, which provide more refined results than the classical alternatives. Such refinements provide additional improvements especially for replacement of fossil energy usages that emit greenhouse gas (GHG) into the atmosphere leading to climate change impact. Current knowledge gap among each renewable energy source calculation is rather missing fundamentals of plausible, rational, and logical explanations for the interpretation of results. In the literature, there are rather complicated and mechanically applicable methodologies, which require input and output measurement data match with missing physical explanations. The view taken in this review paper is to concentrate on quite plausible, logical, rational, and effectively applicable innovative energy calculation methodologies with simplistic fundamentals. For this purpose, a set of renewable energy methodological approaches is revisited with their innovative structures concerning solar, wind, hydro, current, and geothermal energy resources. With the increase in the renewable energy utilizations to combat the undesirable impacts of global warming and climate change, there is a need for better models that will include physical environmental conditions and data properties in the probabilistic, statistical, stochastic, logical, and rational senses leading to refined and more reliable estimations with application examples in the text. Finally, new research directions are also recommended for more refined innovative energy system calculations. [ABSTRACT FROM AUTHOR]