Profit maximization is critical in the control of power system networks for both power providers and users. Electrical energy is freely accessible in the electrical grid during off-peak hours, with storage units helping to store excess energy and assist the electrical grid during high-demand situations. Such techniques promote grid stability and ensure safe operation. Because renewable resources are intermittent, energy storage technologies are especially significant in renewable-associated power systems. Vehicle-to-grid (V2G) technology has recently acquired popularity in preserving power grid stability in the presence of renewable resources.V2G technology employs automobiles as mobile storage devices and focuses on the efficient utilization of extra power available during off-peak hours. The goal of this work is to improve the functioning of a V2G system in a power network to reduce energy production costs while increasing system profitability. This study for deregulated power environments also depicts the influence of V2G mixing on system voltage profile and locational marginal pricing (LMP), as well as the performance of the Unified Power Flow Controller (UPFC) on system economics. The MiPower simulation program is used in the study to find the best placement of the power storage unit for the modified IEEE 14-bus system.