Risk-Based Bi-Level Model for Simultaneous Profit Maximization of a Smart Distribution Company and Electric Vehicle Parking Lot Owner

S. Muhammad Bagher Sadati, Jamal Moshtagh, Miadreza Shafie-khah and João P. S. Catalão
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S. Muhammad Bagher Sadati: Department of Electrical and Computer Engineering, University of Kurdistan, Sanandaj 66177-15177, Kurdistan, Iran
Jamal Moshtagh: Department of Electrical and Computer Engineering, University of Kurdistan, Sanandaj 66177-15177, Kurdistan, Iran
Miadreza Shafie-khah: C-MAST, University of Beira Interior, R. Fonte do Lameiro, 6201-001 Covilha, Portugal
João P. S. Catalão: C-MAST, University of Beira Interior, R. Fonte do Lameiro, 6201-001 Covilha, Portugal

Energies, 2017, vol. 10, issue 11, 1-16

Abstract: In this paper, the effect of renewable energy resources (RERs), demand response (DR) programs and electric vehicles (EVs) is evaluated on the optimal operation of a smart distribution company (SDISCO) in the form of a new bi-level model. According to the existence of private electric vehicle parking lots (PLs) in the network, the aim of both levels is to maximize the profits of SDISCO and the PL owners. Furthermore, due to the uncertainty of RERs and EVs, the conditional value-at-risk (CVaR) method is applied in order to limit the risk of expected profit. The model is transformed into a linear single-level model by the Karush–Kuhn–Tucker (KKT) conditions and tested on the IEEE 33-bus distribution system over a 24-h period. The results show that by using a proper charging/discharging schedule, as well as a time of use program, SDISCO gains more profit. Furthermore, by increasing the risk aversion parameter, this profit is reduced.

Keywords: bi-level model; optimal operation; electric vehicle; demand response program; conditional value-at-risk (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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