Binary fireworks algorithm application for optimal schedule of electric vehicle reserve in traditional and restructured electricity markets

The multipurpose use of electric vehicles (EVs) makes it a special entity in the transportation sector and in the modern smart grid for use as a reserve service. This paper presents an application of binary fireworks algorithm for solving a multi-beneficiary model in which conventional thermal units are scheduled considering EV aggregator as an identical entity to GENCO in offering reserve services. The fast response of the EV can be exploited for providing reserve capacity alongside traditional unit commitment in regulated and price-based unit commitment in deregulated electricity markets, respectively. It was found that, compared to the energy market participation, reserve market profit for EV increased by $3.59/MW and $3.96/MW in deregulated and traditional markets respectively. To further explore the role of EV reserve, battery electric vehicle (BEV), and fuel cell electric vehicle are used to carry out cost-benefit comparisons where the market participation proved much profitable for BEV.