Match Maximization of Vehicle-to-Vehicle Energy Charging With Double-Sided Auction

The future Intelligent Transportation System (ITS) will rely heavily on the advancement of the Internet of Things (IoT). Indeed, the IoT infrastructure paves the way toward connecting vehicles for various benefits including traffic monitoring, crowdsourcing, energy trading, and other ITS services. One of the use cases of the IoV is Vehicle-to-Vehicle (V2V) energy charging/discharging, which is expected to be an integral part of the ITS. In V2V paradigm, Electric Vehicles (EVs) with bidirectional chargers can communicate with a grid edge network or directly with another EV using low-power wide-area networks (LPWAN) or 5G wireless connection to offer or demand energy. V2V energy exchange allows EV owners to make money from selling their battery's excess energy to other EVs. One of the main challenges for the wide adoption of V2V is the development of mechanisms that maximize the benefits for participants. In the V2V paradigm, energy providers and suppliers require mechanisms that ensure maximal matching for the optimal social welfare of the users. In this paper, we propose a double-sided auction mechanism that matches EVs by pairing bids and asks such that the traded volume and the utilities are maximized. Through theoretical analysis, we show that the proposed model can indeed be truthful, individually rationale, and computationally efficient. Finally, we evaluate the proposed model based on real data and provide performance analysis.

Automated summary

The future Intelligent Transportation System (ITS) will heavily rely on the Internet of Things (IoT) and vehicle-to-vehicle (V2V) energy charging/discharging, enabled by low-power wide-area networks (LPWAN) or 5G wireless connection. A double-sided auction mechanism is proposed in this paper to maximize the benefits for EV owners by matching bids and asks for optimal social welfare.