An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market
This paper proposes an innovative economic and engineering coupled framework to encourage typical flexible loads or load aggregators, such as parking lots with high penetration of electric vehicles, to participate directly in the real-time retail electricity market based on an integrated eVoucher pr...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
IEEE
2017-01-01
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| Series: | IEEE Access |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/7835154/ |
| _version_ | 1818641512633729024 |
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| author | Tao Chen Hajir Pourbabak Zheming Liang Wencong Su |
| author_facet | Tao Chen Hajir Pourbabak Zheming Liang Wencong Su |
| author_sort | Tao Chen |
| collection | DOAJ |
| description | This paper proposes an innovative economic and engineering coupled framework to encourage typical flexible loads or load aggregators, such as parking lots with high penetration of electric vehicles, to participate directly in the real-time retail electricity market based on an integrated eVoucher program. The integrated eVoucher program entails demand side management, either in the positive or negative direction, following a popular customer-centric design principle. It provides the extra economic benefit to end-users and reduces the risk associated with the wholesale electricity market for electric distribution companies (EDCs), meanwhile improving the potential resilience of the distribution networks with consideration for frequency deviations. When implemented, the eVoucher program allows typical flexible loads, such as electric vehicle parking lots, to adjust their demand and consumption behavior according to financial incentives from an EDC. A distribution system operator (DSO) works as a third party to hasten negotiations between such parking lots and EDCs, as well as the price clearing process. Eventually, both electricity retailers and power system operators will benefit from the active participation of the flexible loads and energy customers. |
| first_indexed | 2024-12-16T23:28:21Z |
| format | Article |
| id | doaj.art-a827f77e9b1b4dd99f8f680853b0e16c |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-12-16T23:28:21Z |
| publishDate | 2017-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-a827f77e9b1b4dd99f8f680853b0e16c2022-12-21T22:11:57ZengIEEEIEEE Access2169-35362017-01-0152101211010.1109/ACCESS.2017.26597047835154An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity MarketTao Chen0Hajir Pourbabak1Zheming Liang2Wencong Su3https://orcid.org/0000-0003-1482-3078Department of Electrical and Computer Engineering, University of Michigan–Dearborn, Dearborn, MI, USADepartment of Electrical and Computer Engineering, University of Michigan–Dearborn, Dearborn, MI, USADepartment of Electrical and Computer Engineering, University of Michigan–Dearborn, Dearborn, MI, USADepartment of Electrical and Computer Engineering, University of Michigan–Dearborn, Dearborn, MI, USAThis paper proposes an innovative economic and engineering coupled framework to encourage typical flexible loads or load aggregators, such as parking lots with high penetration of electric vehicles, to participate directly in the real-time retail electricity market based on an integrated eVoucher program. The integrated eVoucher program entails demand side management, either in the positive or negative direction, following a popular customer-centric design principle. It provides the extra economic benefit to end-users and reduces the risk associated with the wholesale electricity market for electric distribution companies (EDCs), meanwhile improving the potential resilience of the distribution networks with consideration for frequency deviations. When implemented, the eVoucher program allows typical flexible loads, such as electric vehicle parking lots, to adjust their demand and consumption behavior according to financial incentives from an EDC. A distribution system operator (DSO) works as a third party to hasten negotiations between such parking lots and EDCs, as well as the price clearing process. Eventually, both electricity retailers and power system operators will benefit from the active participation of the flexible loads and energy customers.https://ieeexplore.ieee.org/document/7835154/Retail electricity markethybrid price schemecustomer-centric principle |
| spellingShingle | Tao Chen Hajir Pourbabak Zheming Liang Wencong Su An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market IEEE Access Retail electricity market hybrid price scheme customer-centric principle |
| title | An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market |
| title_full | An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market |
| title_fullStr | An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market |
| title_full_unstemmed | An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market |
| title_short | An Integrated eVoucher Mechanism for Flexible Loads in Real-Time Retail Electricity Market |
| title_sort | integrated evoucher mechanism for flexible loads in real time retail electricity market |
| topic | Retail electricity market hybrid price scheme customer-centric principle |
| url | https://ieeexplore.ieee.org/document/7835154/ |
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