Can Vehicle-to-Grid (V2G) Revenues Improve Market for Electric Vehicles?

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1 Can Vehicle-to-Grid (V2G) Revenues Improve Market for Electric Vehicles? Michael K. Hidrue George R. Parsons Willett Kempton Meryl P. Gardner July 7, 2011 International Energy Workshop Stanford University

2 Outline Background and motivation Literature review Objectives Study design Data Econometric model Estimation results Conclusion 2

3 Background & Motivation What is a V2G Vehicle? V2G EV 3

4 Background & Motivation The V2G concept The average US car is parked 95% of the time The power grid requires reserve power Well functioning reserve power market with $12Billion annual market value With a proper design, EVs can provide reserve service to the power grid 4

5 UD V2G Vehicle 5

6 Background & Motivation Advantages of V2G design Payment to EV owners may reduce cost of EVs Kempton and Tomic (2005) estimate upto $2,544 annual payments for an EV owner Improve environmental and energy security benefits of EVs Replace current generators providing reserve service Support renewable sources of energy such as wind and solar energy 6

7 Objectives Estimate choice model for V2G vehicles Estimate contract prices Assess the value of adding V2G on market for EVs 7

8 Study Design Choice experiment survey to study consumer preference for conventional EVs and V2G vehicles The conventional EV survey focused on tradeoff between EV attributes The V2G survey focused on tradeoff between V2G contract term attributes 8

9 Sample EV Choice Set. V2G Electric Vehicle 1. V2G Electric Vehicle 2. My Preferred Conventional Gasoline Vehicle. My Preferred Conventional Gasoline Vehicle Although I like the idea of V2G electric vehicles and some of the features here are OK, I could/would not buy these V2G electric vehicles at these prices 9

10 Study Design V2G contracts Required plug in time (RPT) per day Guaranteed minimum driving range (GMR) Cash back (service payment to EV owners) The higher the RPT and the lower the GMR, the higher the payment 10

11 Study Design Web based stated preference survey Sample drawn from Survey Sampling International (SSI) National Survey, N=3029 Sample resembles national census data 11

12 Econometric Model Latent class (LC) model Assumes there are S classes of consumers in the population, each with different set of preference Has two sub-models: Class membership model Conditional choice model 12

13 Class Membership Model M ns = θ Z + s n ζ ns Where: M ns is a function relating individual n to class s Z n is a vector of individual specific covariates θ s is a vector of class specific parameters related to Z n ζ ns is an error term Q ns = S s = 1 exp( θ Z s n exp( θ Z s ) n ) Where: Q ns is the probability individual n belongs to class s 13

14 Conditional RUM Model V = β X + ε nj s s nj nj s Where: V nj s is individual n s indirect utility function X nj is vector of vehicle attributes β s is class specific vector of parameters ε nj s is an error term π ( nj s) exp( = J j = 1 β s exp( X β nj s ) X nj ) Where: π (nj s) is conditional choice probability 14

15 Conditional RUM Model V = β X + ε nj s s nj nj s Where: V nj s is individual n s indirect utility function X nj is vector of vehicle attributes β s is class specific vector of parameters ε nj s is an error term π ( nj s) exp( = J j = 1 β s exp( X β nj s ) X nj Price Cash back GMR RPT Yea-saying dummy ) Where: π (nj s) is conditional choice probability 15

16 Full Model π = S nj Q ns s= 1 *π ( nj s) Where: π nj is unconditional choice probability π nj s is conditional choice probability Q ns is class membership probability π nj allows for taste heterogeneity π nj is not restricted by IIA (Swait, 2007; Shonkwiler and Shaw, 2003) π nj doesn t allow correlation of choices (Swait, 2007; Greene and Hensher, 2003) 16

17 Results: # of Latent Classes We estimated the LC model with 2, 3 & 4 classes We found 2 class model fit the data better and we labeled the 2 classes as: Electric Vehicle (EV) class = Highly interested in V2G vehicles Gasoline vehicle (GV) class = Less interested in V2G vehicles So who is interested in V2G vehicles and who is less interested in V2G vehicles? 17

18 Results: Class Membership Model Variable Coefficient T-stat Odds ratio Constant Young (18-35yrs old) Middle age (36-55 yrs old) Having access for installing charger Expected next vehicle: Hybrid Tendency to buy new products Major green Minor green Expected gasoline price (in $) Frequent Long drive Income, college, vehicle size, multicar, are insignificant in the model

19 Results: Class Membership Model Probability of being in EV class increases with: Young (18-35) Male Being green Hybrid buyer Having access for installing EV charging outlet Like new products Expecting gasoline prices to increase in the coming 5 years Frequent long drive 19

20 Results: Class Membership Model The following variables have no effect in class membership Income College education Multicar household Vehicle size Region of the country 20

21 Results: Vehicle Choice Model A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices V2G constant $12,675 Yea saying Price (000) Cash Back (000) $

22 Results: Vehicle Choice Model A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices V2G constant (- $4,414) ($23,667) $12,675 Yea saying Price (000) Cash Back (000) ($0.72) ($2.1) $

23 Results: Vehicle Choice Model A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices V2G constant (- $4,414) ($23,667) $12,675 Yea saying Price (000) Cash Back (000) ($0.72) ($2.1) $

24 Results: Vehicle Choice Model (cont.) A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices Guaranteed Minimum Driving Range (Ref=175 mi) 125 mi $ mi $3, mi $5,699 Required Plug- in Time (Ref=5 hrs) 10 hours $2, hours $4, hours $6,950 24

25 Results: Vehicle Choice Model (cont.) A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices Guaranteed Minimum Driving Range (Ref=175 mi) 125 mi $ mi $3, mi $5,699 Required Plug- in Time (Ref=5 hrs) 10 hours $2, hours $4, hours $6,950 25

26 Results: Vehicle Choice Model (cont.) A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices Guaranteed Minimum Driving Range (Ref=175 mi) 125 mi $ mi $3, mi $5,699 Required Plug- in Time (Ref=5 hrs) 10 hours $2, hours $4, hours $6,950 26

27 Results: Vehicle Choice Model (cont.) A#ributes Parameters GV class EV class Coef. T- stat. Coef. T- stat. Prob. weighted implicit prices Guaranteed Minimum Driving Range (Ref=175 mi) 125 mi $ mi $3, mi $5,699 Required Plug- in Time (Ref=5 hrs) 10 hours $2, hours $4, hours $6,950 27

28 What We Found. People discount revenue from V2G contracts heavily People associate high inconvenience cost with V2G contracts Can revenue from V2G power help improve market for EVs?

29 The Question People discount revenue from V2G contracts heavily People associate high inconvenience cost with V2G contracts Can revenue from V2G power help improve market for EVs? 29

30 The Question Can power companies pay people more than the perceived inconvenience cost? To answer this We estimate inconvenience cost for different contracts Assess if power companies can pay those costs 30

31 Implicit Annual Contract Prices Contract Scenario GMR (mi) RPT (hrs) Annual Contract Price A 75 5 $1,850 B $3,023 C $4,713 D $7,106 E 25 5 $3,547 F $4,719 G $6,408 H $8,801 31

32 Implicit Annual Contract Prices Contract Scenario GMR (mi) RPT (hrs) Annual Contract Price A 75 5 $1,850 B $3,023 C $4,713 D $7,106 E 25 5 $3,547 F $4,719 G $6,408 H $8,801 Can power companies pay these prices? 32

33 How much can EVs earn from the power market? Kempton and Tomic (2005) estimated the max revenue a Toyota RAV4 EV can earn for 18hrs of RPT and 20 miles of GMR is $2,972 For a similar contract, our estimates shows consumers will ask $

34 Conclusion With a contract, the V2G concept is unlikely to help EVs in the market We suggest contracts should be eliminated 34

35 Acknowledgment U.S. Department of Energy, Office of Electricity Sustainable Energy Research Center, Mississippi State University 35

36 Thank you and any question 36

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