Economic benefits of plug-in electric vehicles using V2G for grid performance-based regulation service

With advancement of the vehicle-to-grid (V2G) technologies, plug-in electric vehicles (PEVs) are able to connect to the electric grid and participate in the grid regulation markets. Thus the large-scale PEV penetration into transportation systems will play an essential role for the grid support in the future. In this paper, a comprehensive daily economic benefit model for the PEV is formulated to analyze its costs and revenues of adopting unidirectional and bidirectional V2G technologies to provide grid performance-based regulation (PBR) services. Case studies considering three different types of PEVs with different charging rates and V2G capabilities are discussed. The simulation results quantitatively demonstrate the economic profit of PEVs to participate in the grid regulation service market. The sensitivities of the profit to battery sizes and charging rates are also analyzed.