Economics of Electric Vehicle Charging: A Game Theoretic Approach

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Tushar, Wayes; Saad, Walid; Poor, H. Vincent; Smith, David


2012-10-02


Journal Article


IEEE Transactions on Smart Grid


1-12


In this paper, the problem of grid-to-vehicle energy exchange between a smart grid and plug-in electric vehicle groups (PEVGs), e.g., parking lots or groups of nearby vehicles, is studied using a noncooperative Stackelberg game. In this game, on the one hand, the smart grid, which act as a leader, needs to decide on its price so as to optimize its revenue while ensuring the PEVGs' participation. On the other hand, the PEVGs, which act as the followers, need to decide on their charging strategies so as to optimize a tradeoff between the benefit from battery charging and associated cost. Using variational inequalities, it is shown that the proposed game possesses a socially optimal Stackelberg equilibrium in which the grid optimizes its price while the PEVGs choose their equilibrium strategies. A distributed algorithm that enables the PEVGs and the smart grid to reach this equilibrium is proposed and assessed by extensive simulations.


nicta:5889


Tushar, Wayes; Saad, Walid; Poor, H. Vincent; Smith, David. Economics of Electric Vehicle Charging: A Game Theoretic Approach. IEEE Transactions on Smart Grid. 2012-10-02. 1-12. <a href="http://hdl.handle.net/102.100.100/99277?index=1" target="_blank">http://hdl.handle.net/102.100.100/99277?index=1</a>



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