Next Article in Journal
Two-Layer Routing for High-Voltage Powerline Inspection by Cooperated Ground Vehicle and Drone
Previous Article in Journal
The Impact of Fuel Type on the Output Parameters of a New Biofuel Burner
Article Menu
Issue 7 (April-1) cover image

Export Article

Open AccessArticle
Energies 2019, 12(7), 1384; https://doi.org/10.3390/en12071384

Optimal Bidding/Offering Strategy for EV Aggregators under a Novel Business Model

School of Electric Power Engineering, South China University of Technology, Guangzhou 510640, China
*
Author to whom correspondence should be addressed.
Received: 6 March 2019 / Revised: 3 April 2019 / Accepted: 6 April 2019 / Published: 10 April 2019
  |  
PDF [1713 KB, uploaded 10 April 2019]
  |  

Abstract

Realizing the full potential of plug-in electric vehicle (PEVs) in power systems requires the development of business models for PEV owners and electric vehicle aggregators (EVAs). Most business models neglect the significant economic potential of PEV demand response. This paper addresses this challenge by proposing a novel business model to optimize the charging energy of PEVs for maximizing the owners’ profits. The proposed business model aims to overcome the opportunity cost neglect for PEV owners, whose charging energy and charging profiles are optimized with full consideration of the demand curves and market conditions. Lagrangian relaxation technology is used for the relaxation of the constraint of satisfying the charging demand, and as a result, the optimization potential becomes greater. The bidding/offering strategy is formulated as a two-stage stochastic optimization problem, considering the different market prices and initial and target state of energy (SOE) of the PEVs. By case studies and analyses, we demonstrate that the proposed business model can effectively overcome the opportunity cost neglect and increase the PEV owners’ profits. Furthermore, we demonstrate that the proposed business model is incentive-compatible. The PEV owners will be attracted by the proposed business model. View Full-Text
Keywords: aggregator; business model; bidding strategy; plug-in electric vehicle (PEV); stochastic optimization aggregator; business model; bidding strategy; plug-in electric vehicle (PEV); stochastic optimization
Figures

Figure 1

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).
SciFeed

Share & Cite This Article

MDPI and ACS Style

Chen, D.; Jing, Z.; Tan, H. Optimal Bidding/Offering Strategy for EV Aggregators under a Novel Business Model. Energies 2019, 12, 1384.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Energies EISSN 1996-1073 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top