Economical Modeling for Managing the Power Transaction of EVs and Power Market in Smart Parking Lots

Abstract

The battery of electric vehicles (EV) can be charged from the power grid or discharged back to it. Parking lots can aggregate hundreds of EVs which makes them a significant and flexible load/generation component in the grid. In a smart grid environment, the smart parking lot (SPL) can benefit from the situation of the simultaneous connection to the EVs and power grid. This paper proposes a new algorithm to maximize SPL profit from participation in the forward and spot markets. Monte-Carlo simulation is used to determine the participation of the SPL in the forward market. Then an economic model is proposed to optimize the charging or discharging time table of EVs at any hours of a day and SPL participation in the spot market in a way that maximum SPL profit and satisfaction of EV owners can be gained. The Genetic Algorithm (GA) is used to solve this optimization problem.

Keywords

• genetic algorithm
• profit maximization
• smart parking lot
• ev
• power market.