Optimal vehicle-to-grid controller for energy arbitrage and frequency regulation markets

Abstract

Vehicle-to-Grid (V2G) is a technology that is both beneficial for electric vehicle users and the sustainability of the world. Drivers plug their vehicles into the charging station and V2G technology provides bidirectional energy flow between the vehicle's battery and the grid. In this paper, V2G applications are implemented as optimization models that maximize the profit of the vehicle owner. There are two different applications to achieve the objective: energy arbitrage and frequency regulation. With these two methods combined along with a forecasting algorithm for electricity prices, the proposed model ensures profit maximization for the vehicle owner. MATLAB was used as the development environment along with YALMIP and CPLEX. To obtain realistic results, real-time electricity prices of Energy Exchange Istanbul (EXIST) are used throughout the study. The proposed model yields maximum profit and minimum cost.