A price-responsive dispatching strategy for Vehicle-to-Grid: An economic evaluation applied to the case of Singapore

Abstract

A charging and dispatching strategy for optimizing profits from V2G is presented. This optimization strategy builds on temporally resolved electricity market data. A case study shows that this method turns a S$ 1000 annual loss into a S$ 130 profit. Sensitivity analyses indicate potential for further increase of profitability. Employing this strategy in other countries is assumed to yield much greater profits. a r t i c l e i n f o b s t r a c tEmploying electric vehicles as short-term energy storage could improve power system stability and at the same time create a new income source for vehicle owners. In this paper, the economic viability of this concept referred to as Vehicle-to-Grid is investigated. For this purpose, a price-responsive charging and dispatching strategy built upon temporally resolved electricity market data is presented. This concept allows vehicle owners to maximize returns by restricting market participation to profitable time periods. As a case study, this strategy is then applied using the example of Singapore. It is shown that an annual loss of S$ 1000 resulting from a non-price-responsive strategy as employed in previous works can be turned into a S$ 130 profit by applying the price-responsive approach. In addition to this scenario, realistic mobility patterns which restrict the temporal availability of vehicles are considered. In this case, profits in the range of S$ 21eS$ 121 are achievable. Returns in this order of magnitude are not expected to make Vehicle-to-Grid a viable business case, sensitivity analyses, however, show that improved technical parameters could increase profitability. It is further assumed that employing the priceresponsive strategy to other national markets may yield significantly greater returns.

Electrification of Road Transport in Singapore and its Integration into the Power System

“…This paper considers only unidirectional power flow from the grid into the vehicle. Although some literature considers vehicle‐to‐grid (V2G) as a viable and even profitable way for EVs to receive incentives, concerns such as battery degradation caused by excessive cycling, high battery replacement costs, and range problems may discourage private drivers to participate in V2G programs. Participation in V2G programs requires vehicles to remain available even after the charging operation has completed.…”

Economic and technical aspects of plug-in electric vehicles in electricity markets

“…The first topic concerns types of market in which PEVs participate, whether they participate by selling or buying electricity. We present the real life market case of Singapore [8]. It is explained the different markets in which it participates.…”

“…In [8] a price-responsive strategy for a market using the V2G concept is presented. The market considered in the study is Singapore.…”

Optimal Charging of Electric Vehicles with Trading on the Intraday Electricity Market

“…In the literature, different approaches for reducing the operating costs of such charging stations are proposed, like providing capacity to the frequency regulation market [1][2][3], using the batteries of the EVs to shave the peak of an additional base load [4,5], employing renewable energy resources [6,7] or shifting electricity consumption to off-peak periods of time-of-use (TOU) electricity rates [8,9].…”