Cost-optimal charging of electric vehicles using real-time pricing

The large-scale adoption of EVs presents both potential benefits and difficult challenges. The already stressed electricity grids will have to manage the influx of EV charging requirements, which is especially difficult at peak times. This calls for smart solutions to optimally charge EVs in a grid-friendly way, using demand response where possible. In line with the demand, the electricity prices at peak times can be very high and it would also be advantageous for the user to avoid charging at these times. Therefore, the goal of grid friendly charging is twofold: to avoid putting additional load on the electricity grid when it is heavily loaded already, and to reduce the cost of charging to the consumer. [Continues.]