Due to the highly increasing integration of renewable energy sources with the power grid and their fluctuations, besides the recent growth of new power electronics equipment, the noise in power systems has become colored. The colored noise affects the methodologies for power quality parameters’ estimation, such as harmonic and interharmonic components. Estimation of signal parameters via rotational invariance techniques (ESPRIT) as a parametric technique with high resolution has proven its efficiency in the estimation of power signal components’ frequencies, amplitudes, and phases for quality analysis, under the assumption of white Gaussian noise. Since ESPRIT suffers from high computational effort, filter bank ESPRIT (FB-ESPRIT) was suggested for mitigation of the complexity. This manuscript suggests FB-ESPRIT as well for accurate and robust estimation of power signal components’ parameters in the presence of the colored noise. Even though the parametric techniques depend on the Gaussianity of contaminating noise to perform properly, FB-ESPRIT performs well in colored noise. The FB-ESPRIT superiority compared with the conventional ESPRIT and MUSIC techniques was demonstrated through many simulations runs on synthetic power signals with multiple harmonics, interharmonics, and subharmonic components in the presence of noises of different colors and different SNR levels. FB-ESPRIT had a significant efficiency superiority in power quality analysis with a wide gap distance from the other estimators, especially under the high level of colored noise.
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