Review of Peak Shaving Features of the Power Box

In this review article, a considerable discussion and details on peak shaving strategies involving incorporation of the electric vehicles to the grid, integration of energy storage system, demand‐side management, and renewable energy sources have been presented. Three types of peak shaving using energy storage systems, such as the battery energy storage system, supercapacitor energy storage system, and flywheel energy storage system, have been explained with the advantages and disadvantages of the different approaches. In one of these studies, the integration of a renewable photovoltaic source with battery energy storage in peak shaving has successfully produced an annual savings of $155 675.00. The introduction to the cost–benefit and sustainable second‐life batteries energy storage and their relationship with electric vehicles is also described. Another study involving electric vehicles BYD e6, which have the cheapest energy storage cost of 0.1208 $ kWh−1 and participated the most in peak shaving, obtains the most significant individual net income compared to other vehicles. Different demand‐side management practices and their advantages are thoroughly discussed. Finally, this article also includes the challenges, importance, perspectives, future work suggestions, and improvements on peak shaving performance, such as implying the smart grid energy storage technology to achieve the Sustainable Development Goal 7.