Optimizing Profit-Driven Unit Commitment in Dynamic Electricity Markets: A Focus on Electric Vehicles and Renewable Energy Integration

In light of the escalating health hazards posed by the emission of harmful gases from fossil fuel consumption, the imperative to mitigate climate and energy crises has intensified the focus on Electric Vehicles (EVs) as a sustainable alternative. The burgeoning production of EVs over the past decade underscores a significant shift towards greener transportation solutions. Leveraging the power grid, Plug-in Electric Vehicles (PEVs)/Battery Electric Vehicles (BEVs) tap into electric power, storing it in batteries for subsequent redistribution back to the grid. This bidirectional flow of electricity offers a unique opportunity to optimize electric load profiles, effectively managing the charging and discharging of EVs to curtail emissions and minimize operational costs. At the heart of this optimization lies the PBUCP, a pivotal challenge in ensuring the economical operation of power units while meeting demand and adhering to unit constraints. In today's dynamic power sector, Generating Companies (GENCOs) seek to capitalize on market opportunities, participating in electricity markets to maximize profits through adept unit commitment strategies. The PBUCP has emerged as a focal point of research, with scholars exploring innovative methodologies to address associated complexities. This review paper delves into a comprehensive examination of pertinent studies addressing profit-based unit commitment problems within the context of renewable energy integration and EV dynamics. It begins by scrutinizing recent advancements in optimization algorithms, highlighting their efficacy in tackling the PBUCP amidst evolving energy landscapes. Subsequent sections delve into specific methodologies employed to address unit commitment challenges, spanning optimization techniques, emission constraints, and market dynamics. Noteworthy contributions include novel approaches such as metaheuristic algorithms, hybrid optimization methods, and integrated scheduling strategies, each offering unique insights intooptimizing profit-driven unit commitment in today's competitive power sector.