Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model
This paper introduces a mean profit- conditional value-at-risk (CVaR) model for purchasing electricity on the day-ahead market (DA) by electric vehicles fleet aggregator (EVA). EVA controls electric vehicles (EVs) during their workplace parking, enabling smart charging and cost savings by accessing...
Saved in:
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2024-12-01
|
| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/18/1/93 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1841549269057667072 |
|---|---|
| author | Izabela Zoltowska |
| author_facet | Izabela Zoltowska |
| author_sort | Izabela Zoltowska |
| collection | DOAJ |
| description | This paper introduces a mean profit- conditional value-at-risk (CVaR) model for purchasing electricity on the day-ahead market (DA) by electric vehicles fleet aggregator (EVA). EVA controls electric vehicles (EVs) during their workplace parking, enabling smart charging and cost savings by accessing market prices that are potentially lower than flat rates available during home charging. The proposed stochastic linear programming model leverages market price scenarios to optimize aggregated charging schedules, which serve as templates for constructing effective DA bidding curves. It integrates an aspiration/reservation-based formulation of the mean profit-risk criteria, specifically Conditional Value at Risk (CVaR) to address the EVA’s risk aversion. By incorporating interactive analysis, the framework ensures adaptive and robust charging schedules and bids tailored to the aggregator’s risk preferences. Its ability to balance profitability with risk is validated in case studies. This approach provides a practical and computationally efficient tool for EV aggregators of global companies that can benefit from the workplace charging their fleets thanks to buying energy in the DA market. |
| format | Article |
| id | doaj-art-59dbd3dbffd343fb825ec87b4c9507e9 |
| institution | Kabale University |
| issn | 1996-1073 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj-art-59dbd3dbffd343fb825ec87b4c9507e92025-01-10T13:17:04ZengMDPI AGEnergies1996-10732024-12-011819310.3390/en18010093Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming ModelIzabela Zoltowska0The Institute of Control and Computation Engineering, Warsaw University of Technology, 00-665 Warsaw, PolandThis paper introduces a mean profit- conditional value-at-risk (CVaR) model for purchasing electricity on the day-ahead market (DA) by electric vehicles fleet aggregator (EVA). EVA controls electric vehicles (EVs) during their workplace parking, enabling smart charging and cost savings by accessing market prices that are potentially lower than flat rates available during home charging. The proposed stochastic linear programming model leverages market price scenarios to optimize aggregated charging schedules, which serve as templates for constructing effective DA bidding curves. It integrates an aspiration/reservation-based formulation of the mean profit-risk criteria, specifically Conditional Value at Risk (CVaR) to address the EVA’s risk aversion. By incorporating interactive analysis, the framework ensures adaptive and robust charging schedules and bids tailored to the aggregator’s risk preferences. Its ability to balance profitability with risk is validated in case studies. This approach provides a practical and computationally efficient tool for EV aggregators of global companies that can benefit from the workplace charging their fleets thanks to buying energy in the DA market.https://www.mdpi.com/1996-1073/18/1/93aggregatorsmart chargingbid curveCVaRstochastic linear programming |
| spellingShingle | Izabela Zoltowska Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model Energies aggregator smart charging bid curve CVaR stochastic linear programming |
| title | Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model |
| title_full | Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model |
| title_fullStr | Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model |
| title_full_unstemmed | Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model |
| title_short | Risk Preferences of EV Fleet Aggregators in Day-Ahead Market Bidding: Mean-CVaR Linear Programming Model |
| title_sort | risk preferences of ev fleet aggregators in day ahead market bidding mean cvar linear programming model |
| topic | aggregator smart charging bid curve CVaR stochastic linear programming |
| url | https://www.mdpi.com/1996-1073/18/1/93 |
| work_keys_str_mv | AT izabelazoltowska riskpreferencesofevfleetaggregatorsindayaheadmarketbiddingmeancvarlinearprogrammingmodel |