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This paper addresses the significant challenges faced by distribution system operators (DSOs) in competitive electricity markets due to uncertainties arising from electricity markets, electric vehicles (EVs), and conventional loads. To tackle these challenges, this paper proposes a pseudo-local reserve market between the DSO and EVs, which enables the DSO to integrate EV flexibility into the overall market framework while compensating for deviations in the conventional load across the wholesale electricity market. Furthermore, a two-stage framework is developed to facilitate the participation of EVs in electricity markets. In the first stage, the reserve capacity of EVs is integrated into the decision-making process for day-ahead bidding, taking into account uncertainties of the load and electricity. In the second stage, the day-ahead results are coordinated to enable the efficient dispatch of EVs for real-time market participation. To assess the efficacy of the proposed framework, a case study is conducted within a 31-node distribution system situated on a university campus located in Guangdong, China. This paper investigates the economic impact of load deviation constraints on EV reserves, revealing a penalty reduction of 3100 CNY for a daily reservation of 1000 EVs and a net profit increase of 1300 CNY for DSOs utilizing reserves. It further introduces a method for quantifying reserve capacity, enhancing DSO decision-making accuracy. • A pseudo-local reserve market is established considering EV's reserve potential. • Optimal bidding strategy for DSO in China's electricity markets is constructed. • A framework for EV coordinated V2G operation is developed. • The proposed method can limit load deviation cost for more profits. [ABSTRACT FROM AUTHOR]

• The day-ahead bidding strategy of electric vehicle (EV) aggregator is explored. • Two typical agent modes between EV users and EV aggregator are introduced. • The market uncertainty is handled by analyzing potential market clearing scenarios. • The Guangdong electricity market is first investigated for case study. The electric vehicle (EV) aggregator is a new entity that coordinates the charging of an EV fleet to exploit the business opportunities in the electricity market. This paper explores the optimal bidding strategy for the EV aggregator participating in day-ahead markets. Two typical agent modes between the EV aggregator and the EV user are introduced based on the reality need of the EV user, viz. the centralized protocol management mode (CPMM) and the decentralized demand response mode (DDRM). After that, the stochastic optimization model is developed to maximize the expected profits of EV aggregator. The uncertainties from the electricity market and the EV charging are incorporated into the stochastic optimization model. The Guangdong electricity market, as the pioneer of China's power reform, is first investigated as the target market to verify the rationality of the proposed approach. The possible real-time clearing scenarios are extracted from the historical market clearing data using the multi-class support vector machine (MSVM). Results reveal that the EV aggregator can make an optimal bidding strategy for the potential clearing scenarios when multiple agent modes are involved. Moreover, the comparison of two agent modes indicates that the EVs with the CPMM are more sensitive to the electricity price than those with the DDRM. [ABSTRACT FROM AUTHOR]