An Effective Approach for Evaluating the Revenue Generation of Electric Vehicle Aggregators in Uncertain Smart Electricity Market

With the increasing environmental concerns, it is very necessary to replace the fossil fuel-based vehicles with electric vehicles. Since, supporting the concept of clean energy is achieved using electric vehicles, many countries around the globe are attempting to substitute internal combustion engines with electric vehicles. In the current scenario, electric vehicles are concerned not only with the sustainability of the environment, but also with their enormous energy capacity to regulate the grid. The energy capacity of a single electric vehicle is limited, but multiple electric vehicles can have significant amounts of energy capacity. This paper proposes a methodology that can be used to evaluate the risk cost and benefits of electric vehicle aggregators in the energy market to perform valley filling services. The case study of Spain is considered. As demonstrated by the outcomes of this methodology, The Electric vehicles aggregator has a remarkable capacity to provide services that regulate the electricity market, particularly when using Grid-to-Vehicle mode.