Evaluation of the Energy Pricing of Electric Vehicle Charging Stations using Convex Optimization Strategy

Due to exponential growth in transportation sector, our environment is facing a drastic change. The global warming is not only effecting our planet but also indirectly effecting humans and other living creatures. To cater this problem, Electric Vehicles (EVs) were introduced. EVs provide us a greener environment which reduces carbon and greenhouse emissions. But, increased demand of EVs also results in increased demand of power and Charging Stations (CSs). This paper mainly discusses the profit maximization of CSs owners by introducing the photovoltaic source (PV) and battery bank. The control scheme uses an algorithm involving Convex Optimization which ensures that profit of CS is maximized while the issues of grid overloading and load shedding are avoided along with optimized usage of all available resources. The addition of the PV source to the CSs, which helps the CSs owners to increase the profit and provide good rates during the peak hours. Generator is added to enhance user experience and at the same time it helps in avoiding load shedding. This problem also manages the random arrival and departure of the EVs during 24 hours which raises an issue of grid overloading. The simulation results show that the objectives were successfully achieved.