Novel economic modelling of a Peer-to-Peer Electricity Market with the inclusion of distributed energy storage
Yebiyo, M., Mercado, R.A., Aaron, G., Chaer, I. and Tony, D. (2020). Novel economic modelling of a Peer-to-Peer Electricity Market with the inclusion of distributed energy storage. The Electricity Journal.
|Authors||Yebiyo, M., Mercado, R.A., Aaron, G., Chaer, I. and Tony, D.|
Current electricity distribution systems allow prosumers to sell their surplus electricity back to the Distributed Network Operator (DNO). The export tariffs at which these sell-backs take place are considerably lower than the feed-in tariffs, offering little incentive to prosumers to sell their surplus energy. A peer-to-peer (P2P) electricity market where consumers and prosumers can interact by selling and buying energy between them at a premium rate that is lower than the standard feed-in tariffs but higher than the export tariffs is proposed. Such a system was modelled to process transactions every 20 seconds, and a simulation tool was created to obtain the total daily money flows between a consumer-prosumer pair. The inclusion of a Distributed Storage System (DSS) is also considered in the modelled system and simulation. The simulation results showed that the inclusion of a DSS is always beneficial for all parties in economic terms: consumers could save up to 6.4% on the cost of their electricity while prosumers could save up to 49.1%. A DSS could generate an income flow for the DNO of up to 6.9p/day per each consumer-prosumer pair.
|Journal||The Electricity Journal|
|02 Mar 2020|
|Publication process dates|
|Accepted||01 Jul 2019|
|Deposited||05 Nov 2019|
|Accepted author manuscript|
CC BY-NC-ND 4.0
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