Energy Collectives: a Community and Fairness based Approach to Future Electricity Markets

Fabio Moret*, Pierre Pinson

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

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Abstract

While power system organization has evolved from a hierarchical structure to a more decentralized model, electricity markets are still not up to date with the ongoing transformation towards more consumer-centric economies. As Information and Communication Technologies (ICT) are broadly adopted, they allow prosumers to have a more proactive role in power system operation. This work introduces the concept of energy collectives, as a community-based electricity market structure. We find that when prosumers are allowed to share energy at community level, overall electricity procurement for the community reflects prosumers' preferences. We show that community members can be influenced by a supervisory third-party in charge of interfacing with the market and system operator and of guaranteeing the collective common agreements. We simulate a number of test cases and we apply typical principles from analysis of communication networks and distributed systems to assess community fairness.
Original languageEnglish
JournalI E E E Transactions on Power Systems
Volume34
Issue number5
Pages (from-to)3994-4004
Number of pages11
ISSN0885-8950
DOIs
Publication statusPublished - 2019

Keywords

  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering
  • Cost function
  • distributed optimization
  • Electricity markets
  • Electricity supply industry

Cite this

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title = "Energy Collectives: a Community and Fairness based Approach to Future Electricity Markets",
abstract = "While power system organization has evolved from a hierarchical structure to a more decentralized model, electricity markets are still not up to date with the ongoing transformation towards more consumer-centric economies. As Information and Communication Technologies (ICT) are broadly adopted, they allow prosumers to have a more proactive role in power system operation. This work introduces the concept of energy collectives, as a community-based electricity market structure. We find that when prosumers are allowed to share energy at community level, overall electricity procurement for the community reflects prosumers' preferences. We show that community members can be influenced by a supervisory third-party in charge of interfacing with the market and system operator and of guaranteeing the collective common agreements. We simulate a number of test cases and we apply typical principles from analysis of communication networks and distributed systems to assess community fairness.",
keywords = "Energy Engineering and Power Technology, Electrical and Electronic Engineering, Cost function, distributed optimization, Electricity markets, Electricity supply industry",
author = "Fabio Moret and Pierre Pinson",
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Energy Collectives: a Community and Fairness based Approach to Future Electricity Markets. / Moret, Fabio; Pinson, Pierre.

In: I E E E Transactions on Power Systems, Vol. 34, No. 5, 2019, p. 3994-4004.

Research output: Contribution to journalJournal articleResearchpeer-review

TY - JOUR

T1 - Energy Collectives: a Community and Fairness based Approach to Future Electricity Markets

AU - Moret, Fabio

AU - Pinson, Pierre

PY - 2019

Y1 - 2019

N2 - While power system organization has evolved from a hierarchical structure to a more decentralized model, electricity markets are still not up to date with the ongoing transformation towards more consumer-centric economies. As Information and Communication Technologies (ICT) are broadly adopted, they allow prosumers to have a more proactive role in power system operation. This work introduces the concept of energy collectives, as a community-based electricity market structure. We find that when prosumers are allowed to share energy at community level, overall electricity procurement for the community reflects prosumers' preferences. We show that community members can be influenced by a supervisory third-party in charge of interfacing with the market and system operator and of guaranteeing the collective common agreements. We simulate a number of test cases and we apply typical principles from analysis of communication networks and distributed systems to assess community fairness.

AB - While power system organization has evolved from a hierarchical structure to a more decentralized model, electricity markets are still not up to date with the ongoing transformation towards more consumer-centric economies. As Information and Communication Technologies (ICT) are broadly adopted, they allow prosumers to have a more proactive role in power system operation. This work introduces the concept of energy collectives, as a community-based electricity market structure. We find that when prosumers are allowed to share energy at community level, overall electricity procurement for the community reflects prosumers' preferences. We show that community members can be influenced by a supervisory third-party in charge of interfacing with the market and system operator and of guaranteeing the collective common agreements. We simulate a number of test cases and we apply typical principles from analysis of communication networks and distributed systems to assess community fairness.

KW - Energy Engineering and Power Technology

KW - Electrical and Electronic Engineering

KW - Cost function

KW - distributed optimization

KW - Electricity markets

KW - Electricity supply industry

U2 - 10.1109/TPWRS.2018.2808961

DO - 10.1109/TPWRS.2018.2808961

M3 - Journal article

VL - 34

SP - 3994

EP - 4004

JO - I E E E Transactions on Power Systems

JF - I E E E Transactions on Power Systems

SN - 0885-8950

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ER -