Smart charging costs in the times of the energy price crisis

Fabian Brockmann () and Mario Guajardo
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Fabian Brockmann: Dept. of Business and Management Science, Norwegian School of Economics, Postal: NHH , Department of Business and Management Science, Helleveien 30, N-5045 Bergen, Norway, https://www.nhh.no/en/employees/faculty/fabian-brockmann/

No 2024/13, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

Abstract: This paper examines how the impact of flexibility in electric vehicle (EV) charging has evolved over recent years. In contrast to previous studies that focus on shorter time frames, our analysis spans from 2019 to 2023. While daily electricity consumption patterns remained relatively stable, electricity prices became more volatile, driven by the energy price crisis. Utilizing a large real-world database of residential EV charging behavior in Norway, we develop a simulation model to generate diverse charging sessions based on factors such as demand, time, and day. A mathematical programming model is then applied to determine the optimal charging schedule under both flexible and non-flexible strategies. The model is run using actual hourly electricity prices from a densely populated area in Norway over the past five years. Our findings reveal that adopting a flexible charging strategy led to increased electricity cost savings during the energy price crisis, though the extent of savings depends significantly on the timing of EV charging sessions.

Keywords: Electric vehicles; Flexible Energy Consumption; Smart Charging; Scheduling; Energy Crisis (search for similar items in EconPapers)
JEL-codes: Q00 Q40 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2024-12-28
New Economics Papers: this item is included in nep-ene and nep-tre
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