Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets
Abstract The flexible charging and discharging behaviours of electric vehicles (EVs) can provide a promising profit opportunity for EV owners or aggregators in deregulated market. However, a major barrier to overcome is the uncertain market prices. In this context, this study aims to establish a nov...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2020-11-01
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| Series: | Energy Conversion and Economics |
| Online Access: | https://doi.org/10.1049/enc2.12010 |
| _version_ | 1828488921295618048 |
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| author | Weijia Liu Fushuan Wen Zhaoyang Dong Ivo Palu |
| author_facet | Weijia Liu Fushuan Wen Zhaoyang Dong Ivo Palu |
| author_sort | Weijia Liu |
| collection | DOAJ |
| description | Abstract The flexible charging and discharging behaviours of electric vehicles (EVs) can provide a promising profit opportunity for EV owners or aggregators in deregulated market. However, a major barrier to overcome is the uncertain market prices. In this context, this study aims to establish a novel and robust model for EV aggregators to optimally participate in multiple types of electricity markets while considering the uncertainty of the prices in various markets. First, the electricity market framework and the obligation of an EV aggregator are introduced, and each EVaggregator is entitled to participate in day‐ahead, real‐time, and regulation service markets. To cope with forecasting errors of market prices and other uncertainties, a robust optimisation model is developed to schedule the charging/discharging of EVs in different markets. A stepwise bidding strategy is then proposed to formulate robust market bids, offering more flexibility in handling volatile market prices in actual electricity markets. After the clearing of multiple types of electricity markets, a real‐time dispatch model for EV aggregators is proposed for allocating the settlements and regulation orders to each EV. Finally, scenario‐based simulation is employed to demonstrate the effectiveness of the proposed bidding strategy using actual market data and regulation signals. |
| first_indexed | 2024-12-11T10:17:22Z |
| format | Article |
| id | doaj.art-f04be731e3cd4a82ba43e029d0dcf101 |
| institution | Directory Open Access Journal |
| issn | 2634-1581 |
| language | English |
| last_indexed | 2024-12-11T10:17:22Z |
| publishDate | 2020-11-01 |
| publisher | Wiley |
| record_format | Article |
| series | Energy Conversion and Economics |
| spelling | doaj.art-f04be731e3cd4a82ba43e029d0dcf1012022-12-22T01:11:35ZengWileyEnergy Conversion and Economics2634-15812020-11-011210412310.1049/enc2.12010Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity marketsWeijia Liu0Fushuan Wen1Zhaoyang Dong2Ivo Palu3School of Electrical Engineering Zhejiang University Hangzhou ChinaDepartment of Electrical Power Engineering and Mechatronics Tallinn University of Technology Tallinn EstoniaSchool of Electrical Engineering and Telecommunications University of New South Wales Sydney NSW AustraliaDepartment of Electrical Power Engineering and Mechatronics Tallinn University of Technology Tallinn EstoniaAbstract The flexible charging and discharging behaviours of electric vehicles (EVs) can provide a promising profit opportunity for EV owners or aggregators in deregulated market. However, a major barrier to overcome is the uncertain market prices. In this context, this study aims to establish a novel and robust model for EV aggregators to optimally participate in multiple types of electricity markets while considering the uncertainty of the prices in various markets. First, the electricity market framework and the obligation of an EV aggregator are introduced, and each EVaggregator is entitled to participate in day‐ahead, real‐time, and regulation service markets. To cope with forecasting errors of market prices and other uncertainties, a robust optimisation model is developed to schedule the charging/discharging of EVs in different markets. A stepwise bidding strategy is then proposed to formulate robust market bids, offering more flexibility in handling volatile market prices in actual electricity markets. After the clearing of multiple types of electricity markets, a real‐time dispatch model for EV aggregators is proposed for allocating the settlements and regulation orders to each EV. Finally, scenario‐based simulation is employed to demonstrate the effectiveness of the proposed bidding strategy using actual market data and regulation signals.https://doi.org/10.1049/enc2.12010 |
| spellingShingle | Weijia Liu Fushuan Wen Zhaoyang Dong Ivo Palu Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets Energy Conversion and Economics |
| title | Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| title_full | Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| title_fullStr | Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| title_full_unstemmed | Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| title_short | Development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| title_sort | development of robust participation strategies for an aggregator of electric vehicles in multiple types of electricity markets |
| url | https://doi.org/10.1049/enc2.12010 |
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