Game theoretic model for optimizing power transactions between Smart Grids and modern parking lots

Plug-in Hybrid Vehicles (PHEVs) are modern automobiles which are currently on the rise around the globe. With the rise of their numbers, new possibilities arise concurrently in the space of “Electric Power Pumps” integrated with parking lots where these cars can be charged over a period of time. This paper proposes a decentralized game theoretic control scheme for optimizing power transactions between smart grids fitted in the cars and modern parking lots based on the Nash equilibrium principle without knowing the number of cars that would arrive at any time instant beforehand or the remaining time of stay of a car. The proposed algorithm also deals with continuous market fluctuations in per unit price while trying to maximize the profit stream for the parking lot owner and minimizing the expenditure of each car in gaining charge. The simulations done implementing the algorithm have shown the effectiveness of the proposed method.