Abstract
Electric vehicles (EVs) are likely to become very popular worldwide within the next few years. With possibly millions of such vehicles operating across the country, one can establish a distributed electricity storage system that comprises of the EVs' batteries with a huge total storage capacity. This can help the power grid by providing various ancillary services, once an effective vehicle-to-grid (V2G) market is established. In this paper, we propose a new game-theoretic model to understand the interactions among EVs and aggregators in a V2G market, where EVs participate in providing frequency regulation service to the grid. We develop a smart pricing policy and design a mechanism to achieve optimal frequency regulation performance in a distributed fashion. Simulation results show that our proposed pricing model and designed mechanism work well and can benefit both EVs (in terms of obtaining additional income) and the grid (in terms of achieving the frequency regulation command signal).
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