An efficient coordinated energy trading mechanism for economic sustainability of EVCSs and EVs in competitive electricity market

Abstract

The integration of electric vehicle charging stations (EVCS) into the power grid significantly impacts the electricity market due to the uncoordinated charging behavior of electric vehicles (EVs). This causes changes in load demand, which is responsible for grid imbalances, price changes, higher grid maintenance costs, and a higher chance of power outages, especially in low-voltage grids. This work focuses on enhancing the profit for EVCS while concurrently minimizing the charging cost for EVs owners by using coordinated charging of EVs at EVCS. The better coordinated charging of EVs increases the profit of each EVCS and lowers the cost of charging for EVs owners. This paper proposes a Monte Carlo simulation-based bi-level coordinated transactive energy trading mechanism. In the first part, the Monte Carlo simulation coordinates the EVs charging process based on their respective arrival time at the EVCS, where as in the second part, a cooperative game theory-based energy trading mechanism has been modeled to trade energy in the transactive energy market through the Distribution System Operators(DSO) with different EVCSs. The proposed coordinated charging approach enhances the profitability of all EVCSs as compared to the other existing method. The proposed technique has been implemented and validated on a modified IEEE-33 bus system.