Abstract
This paper presents a real-time greedy-index dispatching policy (GIDP) for using plug-in electric vehicles (PEVs) to provide frequency regulation services. A new service cost allocation mechanism is proposed to award PEVs based on the amount of service they provided, while considering compensations for delayed-charging and reduction of battery lifetime due to participation of the service. The GIDP transforms the optimal dispatch problem from a high-dimensional space into an 1-D space while preserving the solution optimality. When solving the transformed problem in real-time, the global optimality of the GIDP solution can be guaranteed by mathematically proved “indexability.” Because the GIDP index can be calculated upon the PEV's arrival and used for the entire decision making process till its departure, the computational burden is minimized and the complexity of the aggregator dispatch process is significantly reduced. Simulation results are used to evaluate the proposed GIDP, and to demonstrate the potential profitability from providing frequency regulation service by using PEVs.
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