Abstract
Related to global efforts to reduce greenhouse gases, numerous electric vehicles (EVs) are expected to be integrated to the power grid. However, the introduction of EVs, particularly in Korea, is still marginal due to the lack of EV charging infrastructure, even though various supportive policies exist. To address this shortage of EV charging stations, the EV charging business needs to be profitable. As with any business, the profitability of the EV charging business is significantly affected by the initial capital investment related to EV chargers and auxiliary equipment such as power conditioning system (PCS), battery energy storage system (BESS), and on-site photovoltaic (PV) generation system. Thus, we propose a formulation to determine the number of EV chargers and the capacity of auxiliary equipment with the objective of a charging station operator (CSO) maximizing profit under regulatory, economic, and physical constraints. The effectiveness of the proposed method is verified with simulations considering various EV charging patterns. The study results will help improve the EV charging infrastructure by encouraging individuals and companies to participate in EV charging business.
Highlights
Electric vehicles (EVs) have been attracting great interest as a promising solution to climate change because they reduce greenhouse gas emissions [1,2,3]
Equations (17) and (18) present the area-related constraints considering the following assumptions: an agency owns the land for the charging station operator (CSO) business; only the remaining part of the area is allowed for the installation of electric vehicles (EVs) chargers because some of the areas of a EV charging station should be used for vehicle movement; all the on-site PV generation systems are installed on the rooftop to make better use of the limited space; and the area required for the energy storage system (ESS) is ignored because it is relatively smaller than the area required for the other equipment: R a Amax ≥
Previous studies did not deal with this issue from the perspective of a CSO, or did not sufficiently address the subject of the optimal investment decision of an individual CSO
Summary
Electric vehicles (EVs) have been attracting great interest as a promising solution to climate change because they reduce greenhouse gas emissions [1,2,3]. Previous studies mainly deal with the deployment of EV charging stations from the perspective of utilities to reduce grid impacts or from the perspective of a certain region to minimize the integrated cost Such studies that are not from the perspective of an individual CSO are limited to countries with a strong incentive to develop a CSO business or with a resourceful entity that can deploy EV charging infrastructure by itself. Some studies [10,19,20] have been conducted from the perspective of an individual CSO, the general business scheme, energy yield maximization method, or sizing and topology selection of the storage system that these studies provide are insufficient to encourage participation in EV charging business This is because they do not address the subject of the optimal investment decision of an individual CSO that guarantees profitability of a CSO business.
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