Virtual Storage-Based Model for Estimation of Economic Benefits of Electric Vehicles in Renewable Portfolios

Josip Vasilj, Damir Jakus and Petar Sarajcev
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Josip Vasilj: Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, University of Split, 21000 Split, Croatia
Damir Jakus: Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, University of Split, 21000 Split, Croatia
Petar Sarajcev: Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, University of Split, 21000 Split, Croatia

Energies, 2020, vol. 13, issue 9, 1-19

Abstract: The expected increase in the presence of electric vehicles raises numerous questions regarding their impact on the market relations. Depending on the agreement between the involved parties, the position of EVs changes from passive (traditional role) to active. Active EVs are beneficial for variability and uncertainty-intense modern power systems. To enable this transition, a suitable framework in the form of agreements is required in order to establish the terms and responsibilities. Following the presented agreements, we propose a novel method for evaluation of the benefits that the newly added EVs bring to the portfolio. The method comprises two steps, a Monte Carlo simulation of the EV driving/charging patterns and an optimization model for market related decision making. The method results in the estimates on economic savings resulting from adding EVs to portfolios. An illustrative example is used in order to give an idea of the range of the benefits.

Keywords: market aggregator; EV fleet management; virtual storage; Monte Carlo simulation; stochastic optimization (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: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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