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Energies 2018, 11(9), 2413; https://doi.org/10.3390/en11092413

Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets

1
Department of Electrical & Computer Engineering, University of Birjand, Birjand 9856, Iran
2
Department of Energy Technology, Aalborg University, Aalborg East 9220, Denmark
*
Author to whom correspondence should be addressed.
Received: 11 August 2018 / Revised: 8 September 2018 / Accepted: 10 September 2018 / Published: 12 September 2018
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Abstract

This paper proposes the problem of decision making of an electric vehicle (EV) aggregator in a competitive market in the presence of different uncertain resources. In the proposed model, a bi-level problem is formulated where, in the upper-level, the objective of the aggregator is to maximize its expected profit through its interactions and, in the lower-level, the EV owners minimize their payments. Therefore, the objectives of the upper and the lower-level are contrary. To solve the obtained nonlinear bi-level program, Karush-Kuhn-Tucker (KKT) optimality conditions and strong duality are applied to transform the initial problem into a linear single-level problem. Moreover, to deal with various uncertainties, including market prices, EVs charge/discharge demands and the prices offered by rivals, a risk measurement tool is incorporated into the problem. The proposed model is finally applied to a test system and its effectiveness is evaluated. Simulation results show that the proposed approach has the potential to offer significant benefits to the aggregator and EV owners for better decision-making in an uncertain environment. During different situations, it is observed that with increasing risk-aversion factor, as the aggregator tries to hedge against volatilities, its purchases from day-ahead and negative balancing markets decreases significantly. However, the participation of EV aggregator in the positive balancing market increases accordingly to make more profit. View Full-Text
Keywords: aggregator; competitive trading floor; electric vehicle (EV); energy management; risk measurement aggregator; competitive trading floor; electric vehicle (EV); energy management; risk measurement
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
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Rashidizadeh-Kermani, H.; Najafi, H.R.; Anvari-Moghaddam, A.; Guerrero, J.M. Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets. Energies 2018, 11, 2413.

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