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Automated trading in vehicle-to-grid with price uncertainty using consensus

Automated trading in vehicle-to-grid with price uncertainty using consensus
Automated trading in vehicle-to-grid with price uncertainty using consensus
In recent years, there has been growing interest in computational approaches to using renewable sources more effectively. Specifically, vehicle-to-grid (V2G), which is where an EV offers electric power to the grid when parked, can be used to store solar and wind power and significantly decrease the amount of primary power that is utilized for transportation. Furthermore, it offers a potential for reducing the consumer’s power cost if used effectively. In this work, we develop a novel heuristic algorithm that can trade on behalf of the V2G drivers in terms of maximising their profits in an hour-ahead price (HAP) market, considering price uncertainty. Our proposed algorithm combines the concepts of consensus and expected value with a backward induction approach. We then run the proposed algorithm with two types of consensuses voting rules (Borda and majority voting) and with expected value and compare the results. We run simulations with different scenarios and show that the expected value approach outperforms the other two (Borda and majority) in all these scenarios.
V2G, Driving Behaviour, Price Uncertainty, Consensus Algorithms
1-9
Almansour, Ibrahem, Abdullah
8c03bd9d-3544-46e4-bf23-66acd1abeb00
Gerding, Enrico
d9e92ee5-1a8c-4467-a689-8363e7743362
Wills, Gary
3a594558-6921-4e82-8098-38cd8d4e8aa0
Almansour, Ibrahem, Abdullah
8c03bd9d-3544-46e4-bf23-66acd1abeb00
Gerding, Enrico
d9e92ee5-1a8c-4467-a689-8363e7743362
Wills, Gary
3a594558-6921-4e82-8098-38cd8d4e8aa0

Almansour, Ibrahem, Abdullah, Gerding, Enrico and Wills, Gary (2018) Automated trading in vehicle-to-grid with price uncertainty using consensus. International Conference on New Energy Vehicle and Vehicle Engineering, Seoul, Korea, Democratic People's Republic of. 26 - 28 Oct 2018. pp. 1-9 . (In Press)

Record type: Conference or Workshop Item (Paper)

Abstract

In recent years, there has been growing interest in computational approaches to using renewable sources more effectively. Specifically, vehicle-to-grid (V2G), which is where an EV offers electric power to the grid when parked, can be used to store solar and wind power and significantly decrease the amount of primary power that is utilized for transportation. Furthermore, it offers a potential for reducing the consumer’s power cost if used effectively. In this work, we develop a novel heuristic algorithm that can trade on behalf of the V2G drivers in terms of maximising their profits in an hour-ahead price (HAP) market, considering price uncertainty. Our proposed algorithm combines the concepts of consensus and expected value with a backward induction approach. We then run the proposed algorithm with two types of consensuses voting rules (Borda and majority voting) and with expected value and compare the results. We run simulations with different scenarios and show that the expected value approach outperforms the other two (Borda and majority) in all these scenarios.

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IbrahemAlmansourNEVVE 2018
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More information

Accepted/In Press date: 26 October 2018
Venue - Dates: International Conference on New Energy Vehicle and Vehicle Engineering, Seoul, Korea, Democratic People's Republic of, 2018-10-26 - 2018-10-28
Keywords: V2G, Driving Behaviour, Price Uncertainty, Consensus Algorithms

Identifiers

Local EPrints ID: 420545
URI: https://eprints.soton.ac.uk/id/eprint/420545
PURE UUID: 9e290c91-08d0-488b-b5b2-1348ad7a4d28
ORCID for Gary Wills: ORCID iD orcid.org/0000-0001-5771-4088

Catalogue record

Date deposited: 10 May 2018 16:30
Last modified: 14 Mar 2019 01:51

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