Energy management strategy of hybrid solar-hydro system with various probabilities of power supply loss

•Assessment of energy management strategy for a PV-battery system and solar-hydro system is conducted.•PSO is used to minimize the Levelized cost of energy at a specific probability of power supply loss.•Probability of power supply loss variation effect on the optimal sizing is determined.•PV-battery and PV-battery-hydro systems are compared at different probabilities of power supply loss.•A standalone electricity generation system is suggested based on minimized LCOE.