Optimal Charging Policy for an Electric Vehicle Battery Swap Station

Hailong SUN

Abstract


To eliminate range anxiety of electric vehicle and to facilitate long-distance travel, the industry has developed a new concept which is called Battery Swap Station (BSS). While this battery swapping mode faces a big challenge, that is, to minimize the battery charging cost, how to manage the inventory of full available batteries to meet battery swapping demand facing the time-varying electricity prices. In this work, we propose a finite horizon Markov decision process model to explore this problem. We derive a series of structural properties and characterize the optimal charging policy. An efficient monotone backward induction algorithm is provided to solve the finite horizon stochastic dynamic program.


Keywords


Electric vehicle; Battery swapping; Markov decision process; Charging policy

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References


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DOI: http://dx.doi.org/10.3968/n

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