Artificial intelligence (AI) is proving to be a game-changer in planning prices for charging electric vehicles, benefiting both consumers and providers, with one notable exception.
One of the biggest challenges for electric vehicle (EV) drivers is finding charging stations with transparent pricing, sufficient charging capacity, and minimal waiting times, especially while on the move.
Charging station operators aim to earn revenue while passing on fluctuating electricity prices. They also seek to maximize station utilization. On the other hand, EV drivers seek affordable charging, minimal wait times, and high charging capacity.
In a recent experiment, AI was employed to determine charging fees for a variety of stations, factoring in electricity supply, available free stations, and waiting times. The AI, after being trained with relevant data, was able to submit its own pricing offers.
While this required disclosing significant data, the AI-driven offers were consistently cheaper than the operators’ standard tariffs, benefiting both sides. This pricing strategy also optimizes station utilization and incentivizes charging during periods of low electricity prices, such as sunny midday hours when electricity costs are minimal.
However, there was a notable exception in the experiment: when only a few or a single charging station was available due to high demand, the AI-set price increased significantly, mirroring human behavior a bit too closely.
This AI-driven pricing model demonstrates the potential for optimizing EV charging infrastructure, making it more cost-effective and efficient for consumers and providers alike.
