Abstract
The electrification of transport is expected to cause an increase in electrical demand and necessitate significant network investments to accommodate it. However, due to considerable uncertainty over long-term power system developments, there is a need for investment options that offer managerial flexibility and for planning frameworks that can exploit it. This paper presents the application of a multi-stage stochastic planning framework that captures multi-dimensional uncertainty, integrates Grid-to-Vehicle (G2V) and Vehicle-to-Grid (V2G) as smart investment alternatives, and quantifies their Option Values. The case studies on the power system of Great Britain, highlight the significant value of G2V and V2G as investment options and demonstrate the wider system benefits of their integration, including effects on renewable generation curtailment and CO <inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</inf> emissions. The observations can be generalized for any power system with large penetration of renewable generation and provide evidence for the idea of planning with G2V and V2G to relevant stakeholders.
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