Chrysanthopoulos, N;
Chan, YY;
Strbac, G;
(2024)
Local Energy Markets: Structural Elements and the Effects of Upscaling.
In:
2024 20th International Conference on the European Energy Market (EEM).
(pp. pp. 1-6).
IEEE: Istanbul, Turkey.
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Abstract
Local energy markets (LEM) have attracted a lot of interest in recent years, as an innovative approach for enabling the direct trading of energy between peers within localized areas. The optimal usage of locally produced energy and the cost-effectiveness that can be achieved by avoiding suppliers and aggregators markups are among the benefits the LEM are expected to bring together with the further incentivisation of investments in flexible distributed energy resources (DER) and the reduction of transmission losses. Although the wide adoption of the concept is in its early stage, the interactions of the newly established LEM with the existing market structures that govern the energy and balancing service provision have not been sufficiently studied. This work reviews structural elements of local interaction schemes, introduces coordination styles, and by modelling centrally operated LEM and simulating the wholesale market (WSM) operation, investigates the coupling between prices and focuses on the effects that the different levels of LEM concept adoption may have on WSM. Through a benchmarking case study, scenarios that differ in the mix of DER and the market share of LEM are considered, with the results revealing the effects on WSM outcome and the underlying dependencies in terms of market volume and price trends.
| Type: | Proceedings paper |
|---|---|
| Title: | Local Energy Markets: Structural Elements and the Effects of Upscaling |
| Event: | 2024 20th International Conference on the European Energy Market (EEM) |
| Dates: | 10 Jun 2024 - 12 Jun 2024 |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1109/EEM60825.2024.10608847 |
| Publisher version: | https://doi.org/10.1109/EEM60825.2024.10608847 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Transactive energy, Power markets, Distributed energy resources, Electricity Trading |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10198363 |
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