Economic scheduling in smart grid with nondispatchable and dispatchable loads

A smart grid is expected to be more flexible and more reliable than traditional electric power grids. Smart grid technology combines, photovoltaic systems, wind turbines, fuel cells, energy storages and electric vehicles charging from the grid and discharging back to the grid. Electric vehicles are one of the key pieces of the renewable energy economy of the future, but they do come with a few challenges- charging electric vehicles can add considerably to a home´s overall electricity use, and - when scaled up to thousands or millions of homes - that charging places a lot of extra demand on an electrical grid. This paper presents an economical insight into the management of renewable energy generation and charging/discharging of electric vehicles. This analysis will make use of an approach that will not only reduce the operational cost of renewables and capital cost of energy storages, it will also save cost for electric vehicle owners.