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Title: An integrated eVoucher mechanism for flexible loads in real-time retail electricity market

Abstract

This study proposes an innovative economic and engineering coupled framework to encourage typical flexible loads or load aggregators, such as parking lots with high penetration of electric vehicles, to participate directly in the real-time retail electricity market based on an integrated eVoucher program. The integrated eVoucher program entails demand side management, either in the positive or negative direction, following a popular customer-centric design principle. It provides the extra economic benefit to end-users and reduces the risk associated with the wholesale electricity market for electric distribution companies (EDCs), meanwhile improving the potential resilience of the distribution networks with consideration for frequency deviations. When implemented, the eVoucher program allows typical flexible loads, such as electric vehicle parking lots, to adjust their demand and consumption behavior according to financial incentives from an EDC. A distribution system operator (DSO) works as a third party to hasten negotiations between such parking lots and EDCs, as well as the price clearing process. Eventually, both electricity retailers and power system operators will benefit from the active participation of the flexible loads and energy customers.

Authors:
 [1];  [1];  [1]; ORCiD logo [1]
  1. Univ. of Michigan, Dearborn, MI (United States). Dept. of Electrical and Computer Engineering
Publication Date:
Research Org.:
Univ. of Michigan, Dearborn, MI (United States)
Sponsoring Org.:
USDOE Office of Energy Efficiency and Renewable Energy (EERE)
OSTI Identifier:
1346439
Alternate Identifier(s):
OSTI ID: 1346440; OSTI ID: 1358253
Grant/Contract Number:
EE0005565
Resource Type:
Journal Article: Published Article
Journal Name:
IEEE Access
Additional Journal Information:
Journal Volume: 5; Journal ID: ISSN 2169-3536
Publisher:
IEEE
Country of Publication:
United States
Language:
English
Subject:
29 ENERGY PLANNING, POLICY, AND ECONOMY; 24 POWER TRANSMISSION AND DISTRIBUTION; retail electricity market; hybrid price scheme; customer-centric principle; electricity supply industry; real-time systems; economics; load management; reliability; power system dynamics

Citation Formats

Chen, Tao, Pourbabak, Hajir, Liang, Zheming, and Su, Wencong. An integrated eVoucher mechanism for flexible loads in real-time retail electricity market. United States: N. p., 2017. Web. doi:10.1109/ACCESS.2017.2659704.
Chen, Tao, Pourbabak, Hajir, Liang, Zheming, & Su, Wencong. An integrated eVoucher mechanism for flexible loads in real-time retail electricity market. United States. doi:10.1109/ACCESS.2017.2659704.
Chen, Tao, Pourbabak, Hajir, Liang, Zheming, and Su, Wencong. Thu . "An integrated eVoucher mechanism for flexible loads in real-time retail electricity market". United States. doi:10.1109/ACCESS.2017.2659704.
@article{osti_1346439,
title = {An integrated eVoucher mechanism for flexible loads in real-time retail electricity market},
author = {Chen, Tao and Pourbabak, Hajir and Liang, Zheming and Su, Wencong},
abstractNote = {This study proposes an innovative economic and engineering coupled framework to encourage typical flexible loads or load aggregators, such as parking lots with high penetration of electric vehicles, to participate directly in the real-time retail electricity market based on an integrated eVoucher program. The integrated eVoucher program entails demand side management, either in the positive or negative direction, following a popular customer-centric design principle. It provides the extra economic benefit to end-users and reduces the risk associated with the wholesale electricity market for electric distribution companies (EDCs), meanwhile improving the potential resilience of the distribution networks with consideration for frequency deviations. When implemented, the eVoucher program allows typical flexible loads, such as electric vehicle parking lots, to adjust their demand and consumption behavior according to financial incentives from an EDC. A distribution system operator (DSO) works as a third party to hasten negotiations between such parking lots and EDCs, as well as the price clearing process. Eventually, both electricity retailers and power system operators will benefit from the active participation of the flexible loads and energy customers.},
doi = {10.1109/ACCESS.2017.2659704},
journal = {IEEE Access},
number = ,
volume = 5,
place = {United States},
year = {Thu Jan 26 00:00:00 EST 2017},
month = {Thu Jan 26 00:00:00 EST 2017}
}

Journal Article:
Free Publicly Available Full Text
Publisher's Version of Record at 10.1109/ACCESS.2017.2659704

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