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Economic Valuation of Vehicle-Grid Integration (VGI) in a Demand Response Application from Each Stakeholder’s Perspective

Author

Listed:
  • Yongma Moon

    (College of Business Administration, University of Seoul, Seoul 130743, Korea)

  • Joongseok Ahn

    (College of Business Administration, University of Seoul, Seoul 130743, Korea)

  • Wonchang Hur

    (College of Business Administration, Inha University, Incheon 431050, Korea)

  • Wooje Kim

    (College of Business and Technology, Seoul National University of Science and Technology, Seoul 139743, Korea)

  • Kwangsup Shin

    (Graduate School of Logistics, Incheon National University, Incheon 406772, Korea)

Abstract

Recently, the use of electric vehicles in a power grid has been attracting attention. The success of vehicle-grid integration (VGI) requires the active participation of not only VGI service providers but also electric vehicle owners, utility companies, and the government in the VGI service. However, until now, such research has not been sufficiently discussed. Thus, we propose a framework for analyzing the economic environment in which each stakeholder can participate, especially in the application of a demand response, and derive its economic value in Korea. Also, through the proposed framework, we suggest optimal scenarios and policy directions for each participant’s successful business. Our results show that government and a utility company need to share their benefits with a VGI service provider to make VGI a success.

Suggested Citation

  • Yongma Moon & Joongseok Ahn & Wonchang Hur & Wooje Kim & Kwangsup Shin, 2021. "Economic Valuation of Vehicle-Grid Integration (VGI) in a Demand Response Application from Each Stakeholder’s Perspective," Energies, MDPI, vol. 14(3), pages 1-15, February.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:3:p:761-:d:491132
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    References listed on IDEAS

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    Cited by:

    1. Junhyung Kim & Jinho Kim & Hwanmin Jeong, 2022. "Key Parameters for Economic Valuation of V2G Applied to Ancillary Service: Data-Driven Approach," Energies, MDPI, vol. 15(23), pages 1-12, November.

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