Reliable Frequency Regulation through Vehicle-to-Grid: Encoding Legislation with Robust Constraints
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Publication:6504964
DOI10.1287/MSOM.2022.0154arXiv2005.06042WikidataQ128221845 ScholiaQ128221845MaRDI QIDQ6504964
Author name not available (Why is that?)
Abstract: Vehicle-to-grid increases the low utilization rate of privately owned electric vehicles by making their batteries available to electricity grids. We formulate a robust optimization problem that maximizes a vehicle owner's expected profit from selling primary frequency regulation to the grid and guarantees that market commitments are met at all times for all frequency deviation trajectories in a functional uncertainty set that encodes applicable legislation. Faithfully modeling the energy conversion losses during battery charging and discharging renders this optimization problem non-convex. By exploiting a total unimodularity property of the uncertainty set and an exact linear decision rule reformulation, we prove that this non-convex robust optimization problem with functional uncertainties is equivalent to a tractable linear program. Through extensive numerical experiments using real-world data, we quantify the economic value of vehicle-to-grid and elucidate the financial incentives of vehicle owners, aggregators, equipment manufacturers, and regulators. We find that the prevailing penalties for non-delivery of promised regulation power are too low to incentivize vehicle owners to honor their promises toward grid operators.
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