Novel economic modelling of a Peer-to-Peer Electricity Market with the inclusion of distributed energy storage
Journal article
Yebiyo, M, Mercado, RA, 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. 33 (2). https://doi.org/10.1016/j.tej.2020.106709
Authors | Yebiyo, M, Mercado, RA, Aaron, G, Chaer, I and Tony, D |
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Abstract | 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. |
Keywords | Peer-to-peer electricity market; Distributed storage system; Real-time ; ICT layer |
Year | 2020 |
Journal | The Electricity Journal |
Journal citation | 33 (2) |
Publisher | Elsevier |
ISSN | 1040-6190 |
Digital Object Identifier (DOI) | https://doi.org/10.1016/j.tej.2020.106709 |
Publication dates | |
02 Mar 2020 | |
Online | 20 Feb 2020 |
Publication process dates | |
Accepted | 01 Jul 2019 |
Deposited | 05 Nov 2019 |
Accepted author manuscript | License File Access Level Open |
https://openresearch.lsbu.ac.uk/item/88636
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Accepted author manuscript
1. Novel economic modelling of a Peer-to-Peer Electricity Market with the inclusion.pdf | ||
License: CC BY-NC-ND 4.0 | ||
File access level: Open |
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