Key Parameters for Economic Valuation of V2G Applied to Ancillary Service: Data-Driven Approach

Junhyung Kim, Jinho Kim and Hwanmin Jeong ()
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Junhyung Kim: Gwangju Institute of Science and Technology, School of Integrated Technology, Gwangju 61005, Republic of Korea
Jinho Kim: Gwangju Institute of Science and Technology, School of Integrated Technology, Gwangju 61005, Republic of Korea
Hwanmin Jeong: Gwangju Institute of Science and Technology, School of Integrated Technology, Gwangju 61005, Republic of Korea

Energies, 2022, vol. 15, issue 23, 1-12

Abstract: Global automakers are speeding up both the suspension of production of internal combustion engine vehicles and the transition to electric vehicles (EVs) in order to respond to global goals to become carbon-free and energy-efficient. Recently, vehicle-to-grid (V2G) technology has reached the commercialization stage in Korea. Many studies have mostly discussed profits that an EV owner can make by participating in a regulation program. However, all the stakeholders who are involved with V2G service have not been sufficiently considered. Thus, we propose a novel framework for the economic valuation of V2G in ancillary service. Furthermore, to estimate the available capacity of V2G and find an optimal strategy in order for the V2G service to run, a data-driven approach is proposed in this research. Comprehensive simulation results show the optimal situation requiring the minimum financial support for the EV owner when the V2G-service operator aggregates AC chargers. In addition, promotions from government and public utilities can accelerate the V2G service into the ancillary service. As a final remark, given the flexibility of the proposed framework, it could be adapted to validate its performance in other countries, as part of future works.

Keywords: vehicle-to-grid (V2G); ancillary service; stakeholder; economic analysis; data-driven approach (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: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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