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430 Decision Making Applications in Modern Power Systems

16.4.5 Impact of the flexibility and market participation threshold
The impacts of different factors on the revenue-generating capability of the
EV fleet, including the freedom of baseline power profile selection, flexibil-
ity of individual EV, and market participation threshold, will be discussed
here. Simulation results indicate that proper tuning of these factors can lead
to significant improvements in revenue generation.

16.4.5.1 Impact of baseline calculation
As opposed to the regulation simulation described above where baseline charg-
ing power was a decision variable, here, instead, the charging profiles obtained
by solving Problem 2 were used as baselines. As shown in Fig. 16.10, the actual
power (red) generally follows the baseline power profile (blue), unlike that
shown in Fig. 16.6. However, the capability of the smart charging program was
limited in exploring more space to generate revenues from regulation markets.
The monthly revenue from regulation in June, 2016, was reduced from $95 to
$36. Thus with a preset baseline power profile, the flexibility was limited as
well as the revenue-generating capability.
The impact of individual vehicle charging flexibility on regulation market
revenues is examined here. The total connected duration of each EV was
increased by multiple ratios to simulate different degrees of EV connected
time flexibilities. For the months shown in Fig. 16.11, January, June, and
August 2016, the revenues increased rapidly as the ratio of connected time
to charging time increased from 1 to 2.5. However, as the ratio increased
beyond 2.5, the total monthly revenue gradually plateaus. Note that in the
simulation, the maximum connected duration for each EV was 2 days. Thus
within the given time period, there exist limitations of revenue improvement
by extending EV connected duration flexibility. However, for real-world

FIGURE 16.10 Fixed baseline case.