Risk-based Cooperative Scheduling of Demand Response and Electric Vehicle Aggregators

Abstract

This paper proposes a new cooperative scheduling framework for demand response aggregators (DRAs) and electric vehicle aggregators (EVAs) in a day-ahead market. The proposed model implements the information-gap decision theory (IGDT) to optimize the scheduling problem of the aggregators, which guarantees obtaining the predetermined profit by the aggregators. In the proposed model, the driving pattern of electric vehicle owners and the uncertainty of day-ahead prices are simulated via scenario-based and a bi-level IGDT based methods, respectively. The DR aggregator provides DR from two demand side management programs including time-of-use (TOU) and reward-based DR. Then, the obtained DR is offered into day-ahead markets. Furthermore, the EVA not only meet the EV owners’ demand economically, but also participates in the day-ahead mark while willing to set DR contracts with the DR aggregator. The objective function is to maximize the total profit of DR and EV aggregators perusing two different strategies to face with price uncertainty, i.e., risk-seeker strategy and risk-averse strategy. The proposed plan is formulated in a risk-based approach and its validity is evaluated on a case study with realistic data of electricity markets.