Peer-to-Peer Energy Trading and Sharing - 3M (Multi-times, Multi-scales, Multi-qualities)

Completed

Other Power and Storage Technologies(Electricity transmission and distribution)
Other Cross-Cutting Technologies or Research(Energy Economics)
Other Cross-Cutting Technologies or Research(Environmental, social and economic impacts)

Basic and strategic applied research

SOCIAL SCIENCES (Economics and Econometrics)
PHYSICAL SCIENCES AND MATHEMATICS (Computer Science and Informatics)
ENGINEERING AND TECHNOLOGY (Electrical and Electronic Engineering)

Systems Analysis related to energy R&D (Energy modelling)
Sociological economical and environmental impact of energy (Other sociological economical and environmental impact of energy)

Dr F Li
Electronic and Electrical Engineering
University of Bath

Standard

EPSRC

01 September 2016

29 February 2020

42 months

£980,362

Energy

South West

Energy : Energy

Dr F Li, Electronic and Electrical Engineering, University of Bath

Dr B Adebisi, School of Engineering, Manchester Metropolitan University
Dr J Jeon, School of Management, University of Bath
Dr R Li, Electronic and Electrical Engineering, University of Bath
Dr M McCulloch, Engineering Science, University of Oxford
Professor G Strbac, Department of Electrical and Electronic Engineering, Imperial College London

Project Contact, Swanbarton Limited

The future electrical grid will have unprecedented complexity and uncertainty. The cost of low carbon technologies (such as PV, electric vehicles, battery storage and heat pumps) is rapidly decreasing and they are increasingly being connected to the edge of the grid. Millions of businesses and homes, which were traditionally passive energy consumers, will become energy prosumers that can store, convert and/or generate energy enabling them to be an active actor. Each actor will make independent decisions to pursue their own 'selfish' or 'altruistic' goals (supporting schools and increasing reputation). These emerging traits make conventional centralised control, dispatch and scheduling tools no longer fit for purpose. The rise of prosumers, where energy buyers and sellers become increasingly blurred, is far beyond the capability of the current market and system operation framework (Hardy, Ofgem 2015). The vision of this programme is to address this complex problem by providing strategic direction towards a horizontal energy supply, demonstrate its technical and commercial feasibilities and potential benefits to prosumers, communities and the grid in both Korea and the UK.The key aim of this consortium is to manage large rapid influx of DERs (e.g. in the Southwest of UK) through increase horizontal energy collaboration/transaction management, thus substantially reduce the integration challenge to the vertical supply system. Managing millions of independent actors, each with a differing value proposition and each having changing levels of variability and uncertainty, is extremely challenging, as minor optimization errors at the individual level can build into major failures and inefficiencies at the regional and system level. Thus, the strategic research question we are addressing is,"How to align the technical and market arrangements with diverse social requirements, such that 'selfish and independent' goals pursued by millions of customers are aligned with the interests of the communities and the system?"We will undertake fundamental research into the principles of collaborative consumption/sharing economy and advanced understanding of prosumer energy to deliver a prototype peer-to-peer energy trading/sharing (P2P-ETS) platform. This will lead to a unique scalable market place for mass prosumers to buy/sell/share energy themselves. The goal is to provide an access to mass consumers with markets that encourage low carbon shock to be absorbed locally and substantially reduce the grid balancing and upgrading costs. We will combine leading UK/Korean strengths in smart grids, technologies, whole-system analyses, power system economics, and big data/machine learning to accelerate the understanding, design, development and deployment of P2P-ETS in the UK, Korea and beyond.

04/02/19