Towards Data Markets in Renewable Energy Forecasting

Carla Goncalves, Pierre Pinson, Ricardo Jorge Bessa

Research output: Contribution to journalJournal articleResearchpeer-review

24 Downloads (Pure)

Abstract

Geographically distributed wind turbines, photovoltaic panels and sensors (e.g., pyranometers) produce large volumes of data that can be used to improve renewable energy forecasting skill. However, data owners may be unwilling to share their data, even if privacy is ensured, due to a form of prisoner's dilemma: all could benefit from data sharing, but in practice no one is willing to do do. Our proposal hence consists of a data marketplace, to incentivize collaboration between different data owners through the monetization of data.We adapt here an existing auction mechanism to the case of renewable energy forecasting data. It accommodates the temporal nature of the data, i.e., lagged time-series act as covariates and models are updated continuously using a sliding window. A test case with wind energy data is presented to illustrate and assess the effectiveness of such data markets. All agents (or data owners) are shown to benefit in terms of higher revenue resulting from the combination of electricity and data markets. The results support the idea that data markets can be a viable solution to promote data exchange between renewable energy agents and contribute to reducing system imbalance costs.
Original languageEnglish
JournalIEEE Transactions on Sustainable Energy
VolumePP
Issue number99
Number of pages10
ISSN1949-3029
DOIs
Publication statusAccepted/In press - 2021

Keywords

  • Collaborative forecasting
  • Data marketplace
  • Data pricing
  • Renewable energy
  • Electricity market

Fingerprint Dive into the research topics of 'Towards Data Markets in Renewable Energy Forecasting'. Together they form a unique fingerprint.

Cite this