Dynamic Pricing for Electric Vehicle Extreme Fast Charging

Document Type

Article

Publication Date

1-1-2021

Abstract

Significant developments and advancement pertaining to electric vehicle (EV) technologies, such as extreme fast charging (XFC), have been witnessed in the last decade. However, there are still many challenges to the wider deployment of EVs. One of the major barriers is its availability of fast charging stations. A possible solution is to build a fast charging sharing system, by encouraging small business owners or even householders to install and share their fast charging devices, by reselling electricity energy sourced from traditional utility companies or their own solar grid. To incentivize such a system, a smart dynamic pricing scheme is needed to facilitate those growing markets with fast charging stations. The pricing scheme is expected to take into account the dynamics intertwined with pricing, demand, and environment factors, in an effort to maximize the long-term profit with the optimal price. To this end, this paper formulates the problem of dynamic pricing for fast charging as a Markov decision process and accordingly proposes several algorithmic schemes for different applications. Experimental study is conducted with useful and interesting insights.

Identifier

85083437460 (Scopus)

Publication Title

IEEE Transactions on Intelligent Transportation Systems

External Full Text Location

https://doi.org/10.1109/TITS.2020.2983385

e-ISSN

15580016

ISSN

15249050

First Page

531

Last Page

541

Issue

1

Volume

22

Grant

71722014

Fund Ref

National Natural Science Foundation of China

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