Risk-averse integrated DR and dynamic V2G scheduling of parking lot operator for enhanced market efficiency

S. Sharma and Prerna Jain

Energy, 2023, vol. 275, issue C

Abstract: Parking lot operator (PLO) as an interface between EV owners and System Operator (SO) optimizes V2G scheduling to maximize its profit through multi-markets participation viz. Energy and regulation, while ensuring EVs battery health and daily driving needs. PLO integrates Time-of-Use (TOU) Price-based Demand Response (PBDR) with V2G as more viable tool to unlock V2G potential, alleviate adverse impacts, enhance market efficiency, level load via boosting flexibility to the SO, and reduce charging costs of EV owners. DR integrated V2G scheduling framework is put in jeopardy from EVs' propulsive behaviour and electricity market prices uncertainties, posing financial risk to PLO. In this context, this paper puts forward a risk-averse integrated DR and dynamic V2G decision-making algorithm to maximize the expected profits of PLO. Results of PLO case study with 1000 EVs demonstrate benefits from economies of V2G operations, its resiliency to EVs’ behaviour dynamics via sensitivity analysis of risk-averse and risk-neutral PLO performance with respect to round trip efficiency, battery degradation cost coefficient, number of EVs, and upper limit of charging/discharging rates. There is significant 22.2% reduction in cost, 33.82% reduction in revenue, and 14.92% reduction in profit from risk-neutral to risk-averse in V2G mode for charging/discharging rate value 12.1 kW.

Keywords: Conditional value at risk; Demand response; Parking lot operator; Risk management; Vehicle-to-Grid (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:275:y:2023:i:c:s0360544223008228

DOI: 10.1016/j.energy.2023.127428

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