Our project aims to answer the research question “How can local and system-level energy markets be designed to successfully integrate smart local energy systems (SLES) at the national scale?”
Energy markets are a critical energy system component:
Our project brings together researchers from power systems engineering, economics and computer science, and has connections with policy and social science focused work within EnergyREV. We aim to support the design of SLES and to provide quantitative evidence for future energy market reforms.
We are pursuing three main streams of work:
We are working directly with the energy demonstrators to understand their most pressing market design challenges, and to feedback insights and recommendations. As SLES scale up the size and density of distributed energy resources, key challenges that emerge for market design include:
Our work is addressing these challenges by bringing together advances across multi-agent control, machine learning, game theory and robust decision-making under uncertainty.
Through the EnergyREV Policy Contact Group, we are also working with UK policymakers and regulators to understand their highest priority policy questions so that we can target our work towards generating evidence which can help support future energy market reforms. To do this, we have populated our new designs with national level data so that we can conduct system-wide simulation studies to assess the overall potential value of different market reforms.
Multiscale design offers a new approach for integrating peer-to-peer (P2P) energy trading as a core part of how power systems are designed and operated. (Follow the links to the associated papers).
Carefully designed transaction fees can be used to manage network constraints and uncertainty within decentralised P2P trading platforms, without requiring a central authority to check and approve transactions.
Fixed and nodal retail prices can coexist in distribution networks. Having more customers on nodal prices improves overall efficiency and reduces network charges required to recover investment costs.
Accounting for social relationships and cooperation within local energy systems can complement local energy market design.
Journal Paper: Better together: Harnessing social relationships in smart energy communities (August 2021)
Journal Paper: Multiscale design for system-wide peer-to-peer energy trading (May 2021)
Journal Paper: Electricity prices and tariffs to keep everyone happy: A framework for fixed and nodal prices coexistence in distribution grids with optimal tariffs for investment cost recovery (March 2021)
Conference Paper: A novel ex-ante tariff scheme for cost recovery of transmission investments under elasticity of demand (September 2020)
Conference Paper: Nodal and fixed price coexistence in distribution networks with optimal investment planning and tariff design (September 2020)
Journal Paper: OPEN: An open-source platform for developing smart local energy system applications (July 2020)
Journal Paper: A coalition formation game framework for peer-to-peer energy trading (March 2020)
Journal Paper: Integrating P2P Energy Trading with Probabilistic Distribution Locational Marginal Pricing (December 2019)
Journal Paper: Grid Influenced Peer-to-Peer Energy Trading (August 2019)