Optimal coordination of charging and frequency regulation for an electric vehicle aggregator using Least Square Monte-Carlo (LSMC) with modeling of electricity price uncertainty

Jong Uk Lee, Young Min Wi, Youngwook Kim, Sung Kwan Joo

Research output: Contribution to journalArticle

4 Citations (Scopus)

Abstract

Recently, many studies have suggested that an electric vehicle (EV) is one of the means for increasing the reliability of power systems in new energy environments. EVs can make a contribution to improving reliability by providing frequency regulation in power systems in which the Vehicle-to-Grid (V2G) technology has been implemented and, if economically viable, can be helpful in increasing power system reliability. This paper presents a stochastic method for optimal coordination of charging and frequency regulation decisions for an EV aggregator using the Least Square Monte-Carlo (LSMC) with modeling of electricity price uncertainty. The LSMC can be used to assess the value of options based on electricity price uncertainty in order to simultaneously optimize the scheduling of EV charging and regulation service for the EV aggregator. The results of a numerical example show that the proposed method can significantly improve the expected profits of an EV aggregator.

Original languageEnglish
Pages (from-to)1269-1275
Number of pages7
JournalJournal of Electrical Engineering and Technology
Volume8
Issue number6
DOIs
Publication statusPublished - 2013 Nov

Keywords

  • Electric vehicle
  • Frequency regulation
  • Least Squares Monte-Carlo

ASJC Scopus subject areas

  • Electrical and Electronic Engineering

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