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Optimal charging of EVs in a real time pricing electricity market

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journal contribution
posted on 06.05.2015, 14:16 by Sagar Mody, Thomas SteffenThomas Steffen
The idea of grid friendly charging is to use electricity from the grid to charge batteries when electricity is available in surplus and cheap. There are several ways of achieving this, for example using droop control, using night time electricity tariffs, or using smart metering. The goal is twofold: to avoid putting additional load on the electricity grid and power generation, and to reduce the cost to the consumer. This paper looks at the saving potential when charging an electric car using real time tariffs provided by a smart meter, using the Ameren tariffs in Illinois as an example. If prices are known in advance (day-ahead pricing), the optimization only requires picking the cheapest time slots for charging the battery. Further savings can be made by using real time prices that are not known in advance, but the optimization problem then depends on price prediction models, and it becomes much more difficult to solve. This paper presents a simple suboptimal approach, and it quantifies the potential improvements that could be made using more sophisticated price predictions. The result is that cost savings in the order of about 50 USD (1/3 of the electricity costs) are feasible if a fast charger is used using real time pricing. The scale of the savings is such that complex optimization strategies are not worthwhile, and for the foreseeable future simple solutions are expected to be more cost effective.

Funding

Part of this work is supported by the UK government via EPSRC, the Engineering and Physical Sciences Research Council, under grant EP/E055877/1.

History

School

  • Aeronautical, Automotive, Chemical and Materials Engineering

Department

  • Aeronautical and Automotive Engineering

Published in

SAE International Journal of Alternative Powertrains

Volume

2

Issue

2

Pages

337 - 349

Citation

MODY, S. and STEFFEN, T., 2013. Optimal charging of EVs in a real time pricing electricity market. SAE International Journal of Alternative Powertrains, 2 (2), pp. 337 - 349.

Publisher

© SAE International

Version

AM (Accepted Manuscript)

Publisher statement

Copyright © 2013 SAE International. This paper is posted on this site with permission from SAE International. It may not be shared, downloaded, transmitted in any manner, or stored on any additional repositories or retrieval system without prior written permission from SAE.

Publication date

2013

Notes

Copyright © 2013 SAE International. This paper is posted on this site with permission from SAE International. It may not be shared, downloaded, transmitted in any manner, or stored on any additional repositories or retrieval system without prior written permission from SAE.

ISSN

2167-4191

eISSN

2167-4205

Language

en

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