This comprehensive review explores V2G, where electric vehicles act as mobile energy storage assets for the grid. We systematically analyze the core components of the V2G ecosystem, including bidirectional power electronics, advanced communication protocols such as ISO 15118, and emerging control architectures. The paper evaluates the portfolio of ancillary services that V2G can provide, such as frequency regulation, peak load shaving, and renewable energy firming, while also quantifying the potential adverse impacts on grid stability, including harmonic distortion and voltage fluctuations. Critical barriers to widespread adoption are examined in depth, with a particular focus on the techno-economic implications of battery degradation and the systemic vulnerabilities introduced by cybersecurity threats. Mitigation strategies, including degradation-aware charging algorithms and robust security frameworks leveraging Public Key Infrastructure (PKI) and Transport Layer Security (TLS), are discussed. A techno-economic analysis reveals that V2G profitability is highly contingent on regional electricity market structures and battery chemistry. Our Levelized Cost of Storage (LCOS) analysis indicates that Lithium Iron Phosphate (LFP) chemistry reduces costs by up to 76.3%. Synthesizing findings from international pilots, we highlight deployment status and lessons learned. V2G grid resilience requires overcoming technical, economic, and security challenges.
Szomosi et al. (Thu,) studied this question.