| Summary: | Electric vehicles (EVs) as an alternative to the current fossil fuel vehicles represent the most promising green approach to electrification of an important portion of the global transportation sector. This uncertain load brings new challenges to market-oriented demand response programs (DRPs) specifically in the presence of renewable energy resources (RER). Being a special type of load, EVs are highly capable of providing a significant amount of flexible load demand through participating in various types of DRPs, while using their battery storage potentials allows a higher penetration level of intermittent RER in the grid. Therefore, there is a strong need to increase EV owner’s participation in the market by providing attractive financial benefit-based decision-making tools and simplifying the market process to enhance system reliability and reduce price volatility. In this paper, a novel optimal decision-making methodology is proposed which, unlike previous works, utilizes a grid characteristic’s model within a game-theoretical approach, conflicting and capturing economic interests of both players together and evaluates the optimum strategies for a successful market operation in simplest way. This approach can facilitate both EV owners and utilities to derive their robust bidding strategies, in which they can create a simple business case analysis to weigh their benefits of participation in the market. To evaluate the performance, a simulation framework with uncertain load demands and generation has been developed and compared. The results show that the proposed strategy is appropriate for use in real-time automated DRPs.
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