Abstract
Smart grids can empower electric vehicle (EV) owners to participate in energy trading, provided that the EVs are vehicle-to-grid (V2G) compatible and the utility offers a feed-in tariff. Bidirectional communication enables the system operator to interact with individual EVs and utilize their batteries during peak-load hours as an alternative to running expensive peaking power plants. With time-based pricing, EV users can make up for the exported energy during those intervals when electricity is relatively cheap. By discharging and recharging the batteries optimally, vehicle owners can maximize the feed-in revenue and minimize the charging cost. However, V2G operation is known to accelerate battery aging on account of increased charge cycling. The loss-of-life undergone by the costly vehicle batteries offsets some of the profits from energy arbitrage. An optimal charge-discharge strategy for EVs that maximizes the energy-trade returns is formulated in this paper and its economics are analyzed with special emphasis on the cost of battery degradation. Results indicate that energy trading is a profitable venture for EV owners in spite of the additional battery wear with V2G.
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