Optimal coordinated bidding of a profit maximizing, risk-averse EV aggregator in three-settlement markets under uncertainty

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This paper develops a two-stage stochastic and dynamically updated multi-period mixed integer linear program (SD-MILP) for optimal coordinated bidding of an electric vehicle (EV) aggregator to maximize its profit from participating in competitive day-ahead, intra-day and real-time markets. The hourly conditional value at risk (T-CVaR) is applied to model the risk of trading in different markets. The objective of two-stage SD-MILP is modeled as a convex combination of the expected profit and the T-CVaR hourly risk measure. When day-ahead, intra-day and real-time market prices and fleet mobility are uncertain, the proposed two-stage SD-MILP model yields optimal EV charging/discharging plans for day-ahead, intra-day and real-time markets at per device level. The degradation costs of EV batteries are precisely modeled. To reflect the continuous clearing nature of the intra-day and real-time markets, rolling planning is applied, which allows re-forecasting and re-dispatching. The proposed two-stage SD-MILP is used to derive a bidding curve of an aggregator managing 1000 EVs. Furthermore, the model statistics and computation time are recorded while simulating the developed algorithm with 5000 EVs.

Original languageEnglish
Article number1755
JournalEnergies
Volume12
Issue number9
Number of pages19
ISSN1996-1073
DOIs
Publication statusPublished - 2019
CitationsWeb of Science® Times Cited: No match on DOI

    Research areas

  • Coordinated optimal bidding, Hourly T-CVaR, Risk-averse EV aggregator, Stochastic optimization

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