A new model for comprehensively evaluating the economic and environmental effects of vehicle-to-grid(V2G) towards carbon neutrality

Abstract

Vehicle-to-grid (V2G) technology enables electric vehicles (EVs) to serve as flexible load storage resources, which is expected to play a pivotal role in pursuing carbon neutrality. However, existing studies on the effect of V2G at different stages of carbon neutrality is not sufficient, and there is a lack of discussion on the optimal adoption period for V2G in the context of electricity marketization trading. To fill this gap, a new methodology is proposed in this study to analyze multi-dimension effects of V2G towards carbon neutrality. The model is a novel attempt of applying partial market equilibrium model to depict the interaction between electricity suppliers and V2G adopters. By applying in a China's case, the results demonstrate that: (1) EVs with V2G can substitute 22.2 %–30.1 % energy storage and accelerate the phase-out of coal-fired power. (2) V2G can effectively mitigate electricity price fluctuations, moreover, more fast charging infrastructure will strengthen such effect. (3) V2G only become attractive when renewable energy penetration rate reaches 80 %, otherwise, it cannot effectively reduce the total social cost and carbon emission. (4) In the carbon neutrality scenario with limited emission, the emission reduction effect of V2G is weakened, however, its economic benefit keeps increasing.