Stochastic bidding strategy of electric vehicles and energy storage systems in uncertain reserve market

Lu, Shaofeng, Han, Bing, Xue, Fei, Jiang, Lin ORCID: 0000-0001-6531-2791 and Feng, Xue (2020) Stochastic bidding strategy of electric vehicles and energy storage systems in uncertain reserve market. IET RENEWABLE POWER GENERATION, 14 (18). pp. 3653-3661.

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Abstract

This paper proposes an Electric Vehicle (EV) aggregator bidding strategy in the reserve market. The EV aggregator determines the charging/discharging operations of EVs in providing reserve service for profits maximization. In the Day-Ahead Market (DAM), the EV aggregator submits a bidding plan to the Independent Systems Operator (ISO) including base-load and reserve up/down capacities plans. In the Real-Time Market (RTM), the EV aggregator should deploy reserve based on the ISO's requirements, and the EV aggregator could receive income by deploying reserve or penalty for reserve shortage. The stochastic programming method is applied to address the uncertain reserve deployment requirements in RTM. In addition, Energy Storage Systems (ESS) are utilized by the EV aggregator to enhance the ability in providing reserve service. The aggregator–owner contract is designed to guarantee EV owners' economic benefits. Case studies show the expected profits of the EV aggregator are maximized and the risk of the reserve shortage is well managed, i.e., penalty is minimized. With the utilization of ESS, the performance of the EV aggregator in making response to the ISO's requirements is improved. That is, the required reserve percentage increases from 5.68% to 7.85%, and the deployed reserve percentage increases from 69.71% to 88.47%.

Item Type:	Article
Uncontrolled Keywords:	energy storage, power generation economics, profitability, power markets, stochastic programming, minimisation, electric vehicle charging, EV aggregator bidding strategy, reserve shortage, uncertain reserve deployment requirements, energy storage systems, reserve service, electric vehicle, uncertain reserve market, independent systems operator, reserve percentage, stochastic bidding strategy, charging-discharging operation, profit maximisation, base-load plan, reserve up-down capacities plans, real-time market, stochastic programming method, ESS utilisation, penalty minimisation, aggregator-owner contract
Divisions:	Faculty of Science and Engineering > School of Electrical Engineering, Electronics and Computer Science
Depositing User:	Symplectic Admin
Date Deposited:	13 Apr 2021 15:14
Last Modified:	18 Jan 2023 22:53
DOI:	10.1049/iet-rpg.2020.0121
Related URLs:	Author Publisher
URI:	https://livrepository.liverpool.ac.uk/id/eprint/3119170