Optimal Bidding for Aggregated Electric Vehicles in Singapore Electricity Market: A Hierarchical Coordination Approach

Electric Vehicles (EVs) are emerging as promising participants in electricity markets with the advancement of Vehicle-to-Grid (V2G) technologies. However, the diverse temporal-spatial characteristics of EVs presents challenges in fully leveraging their potential. This paper proposes a hierarchical coordination framework for the EV Aggregator (EVA) to manage EV fleets for energy arbitrage and ancillary services in Singapore electricity market. In the upper level, the EVA maximizes its profits by optimizing bidding decisions for energy arbitrage and ancillary service, leveraging the Flexibility Region (FR) of aggregated EVs that quantifies the fleets' response power region and the required energy demand. In the lower level, a power allocation model is developed to ensure EV user satisfaction while balancing economic and convenience requirements. Numerical case studies designed based on real data from the National Electricity Market of Singapore (NEMS) have validated the effectiveness of the proposed methods.