Optimal Integration of EV Charging Stations and Capacitors for Net Present Value Maximization in Distribution Network

Abstract

The widespread adoption of electric vehicles (EVs) is crucial for reducing greenhouse gas emissions from traditional vehicles. Central to this adoption is the strategic deployment of electric vehicle charging stations (EVCS), whose improper positioning can pose challenges to electrical networks and utility operators. This paper introduces a novel hybrid approach for optimizing the placement of EVCS and capacitors (CAP) in the distribution network (DN) to mitigate active power loss (APL) and enhance operational efficiency. The methodology includes the optimal placement of CAP banks and EVCS across the network, which is evaluated using the Net Present Value (NPV) criterion. Additionally, the study comprehensively considers the integration of vehicle-to-grid (V2G) capabilities, enhancing network reliability. The proposed hybrid algorithm combines the genetic algorithm (GA) and particle swarm optimization (PSO), i.e., HGAPSO, which leverages their respective strengths in exploration and exploitation. A comprehensive sensitivity analysis is conducted for the IEEE 33, 69, 85, 118, and Brazil 136- bus systems, focusing on cost variables such as energy prices, maintenance costs, and system parameters. This analysis further validates the robustness of the proposed approach, demonstrating significant reductions in APL and maximization of net profit. Comparative results verify the superiority of the hybrid approach over conventional GA and PSO in optimizing the locations of charging stations and reactive power sources within networks.