Feasibility and Challenges for Vehicle-to-Grid in Electricity Market: A Review

Muchun Wan, Heyang Yu, Yingning Huo, Kan Yu, Quanyuan Jiang and Guangchao Geng ()
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Muchun Wan: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Heyang Yu: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Yingning Huo: Polytechnic Institute, Zhejiang University, Hangzhou 310015, China
Kan Yu: Center for Balance Architecture, Zhejiang University, Hangzhou 310028, China
Quanyuan Jiang: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Guangchao Geng: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China

Energies, 2024, vol. 17, issue 3, 1-23

Abstract: Electric vehicles (EVs) play a crucial role in the global transition towards decarbonization and renewable energy resources (RERs). As EVs gain popularity, this has resulted in various challenges for the power grid, such as an intensified peak-to-valley load differential, causing transformer overloading. Vehicle-to-grid (V2G) technology has emerged as a promising solution due to its controllable charging and discharging capabilities. Mature business schemes can incentivize the development of V2G technology. However, the business schemes of V2G technology are still unclear. Therefore, this paper provides a comprehensive review of the business schemes associated with V2G technology, especially focusing on its feasibility and challenges with respect to the electricity market. In this paper, several business schemes with respect to the electricity market are explored by conducting extensive literature reviews, including peak-to-valley arbitrage, the spot market, demand–response (DR), frequency regulation, voltage regulation, spinning reserve, and black start. Next, application scenarios and real-world use cases of the V2G technology’s business schemes are investigated. Furthermore, the challenges faced by the V2G technology’s business schemes are assessed by considering the technical, economical, and social aspects. By identifying these challenges, it is important to highlight the existing shortcomings and areas of interest for V2G technology’s research and development. This review contributes to a deeper understanding of V2G technology and its implications for the energy sector.

Keywords: business schemes; vehicle-to-grid (V2G); electric vehicles (EVs); electricity market (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: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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