Optimization of Dynamic Prices for Electric Vehicle Charging Considering Fairness

For operators of public charging stations, it is economically reasonable to employ a dynamic pricing scheme in order to be able to react to varying operating conditions. However, dynamic prices may lead to the perception of price unfairness with negative consequences for the charging station operator's profit. In this work, the evolutionary optimization of the price offers with respect to the expected profit and the fairness is studied. With the help of numerical experiments, it is shown that a multi-objective optimization is able to increase the perceived fairness without impact on the profit compared to a single-objective optimization of the profit. Furthermore, it is shown that it is possible to achieve promising trade-off solutions by employing appropriate multi-criteria decision making approaches.