In the literature, many studies on stability analysis of dc microgrids have been conducted. However, most of them mainly focus on small-signal stability. On the other hand, few works analyze large-signal stability, but the major part of these works is based on a single unit or a simple cascaded system as a case study. Different from those, this article aims to address the large-signal stability analysis of a dc microgrid from a system-level perspective. First, the equivalent model of a droop-controlled dc microgrid is developed. Subsequently, the Lyapunov-based large-signal stability analysis and the stability criterion are derived, and mixed potential theory is used to make comparisons to verify the effectiveness of the derived criterion. The equilibrium point stability for different operation stages was obtained by means of theoretical calculation. Furthermore, the instabilities principle as well as their physical interpretation is revealed. In this article, the bus voltage is used as the only index to assess the microgrid power balance. Hence, the power load limit can be obtained by taking into consideration the stability and voltage deviation constraints. Finally, simulation and experimental results from a four-converter dc microgrid system verify the feasibility of the proposed theoretical analysis.
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