Optimal multi-service business models for electric vehicles

Realizing the significant potential of electric vehicles (EV) in emerging low-carbon power systems requires the development of suitable business models for EV owners and aggregators. Previous works have focused on silo analyses of single service business models which neglect the full economic potential of EV flexibility. This paper addresses this challenge by developing a novel modeling framework for optimizing the provision of multiple inter-dependent services by an EV aggregator, to determine the business portfolio maximizing the overall revenue. Case studies in the context of the UK system quantify the overall cost and revenue achieved through participation of an EV aggregator in multiple market segments and analyze the interdependencies between the provisions of multiple services. A range of sensitivity analyses also analyze the impact of different EV operating policies and parameters on the overall cost and revenue as well as the optimum portfolio of provided services.