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Details of Grant 

EPSRC Reference: EP/N03466X/1
Title: Peer-to-Peer Energy Trading and Sharing - 3M (Multi-times, Multi-scales, Multi-qualities)
Principal Investigator: Li, Professor F
Other Investigators:
Strbac, Professor G McCulloch, Professor M Adebisi, Dr B
Jeon, Dr J Li, Dr R
Researcher Co-Investigators:
Project Partners:
Swanbarton Limited
Department: Electronic and Electrical Engineering
Organisation: University of Bath
Scheme: Standard Research - NR1
Starts: 01 September 2016 Ends: 31 August 2019 Value (£): 980,362
EPSRC Research Topic Classifications:
Sustainable Energy Networks
EPSRC Industrial Sector Classifications:
Energy
Related Grants:
Panel History:
Panel DatePanel NameOutcome
18 Feb 2016 UK Korea smart grids Announced
Summary on Grant Application Form
The future electrical grid will have unprecedented complexity and uncertainty. The cost of low carbon technologies (such as PV, electric vehicles, battery storage and heat pumps) is rapidly decreasing and they are increasingly being connected to the edge of the grid. Millions of businesses and homes, which were traditionally passive energy consumers, will become energy prosumers that can store, convert and/or generate energy enabling them to be an active actor. Each actor will make independent decisions to pursue their own 'selfish' or 'altruistic' goals (supporting schools and increasing reputation). These emerging traits make conventional centralised control, dispatch and scheduling tools no longer fit for purpose. The rise of prosumers, where energy buyers and sellers become increasingly blurred, is far beyond the capability of the current market and system operation framework [Hardy, Ofgem 2015]. The vision of this programme is to address this complex problem by providing strategic direction towards a horizontal energy supply, demonstrate its technical and commercial feasibilities and potential benefits to prosumers, communities and the grid in both Korea and the UK.

The key aim of this consortium is to manage large rapid influx of DERs (e.g. in the Southwest of UK) through increase horizontal energy collaboration/transaction management, thus substantially reduce the integration challenge to the vertical supply system. Managing millions of independent actors, each with a differing value proposition and each having changing levels of variability and uncertainty, is extremely challenging, as minor optimization errors at the individual level can build into major failures and inefficiencies at the regional and system level. Thus, the strategic research question we are addressing is,

"How to align the technical and market arrangements with diverse social requirements, such that 'selfish and independent' goals pursued by millions of customers are aligned with the interests of the communities and the system?"

We will undertake fundamental research into the principles of collaborative consumption/sharing economy and advanced understanding of prosumer energy to deliver a prototype peer-to-peer energy trading/sharing (P2P-ETS) platform. This will lead to a unique scalable market place for mass prosumers to buy/sell/share energy themselves. The goal is to provide an access to mass consumers with markets that encourage low carbon shock to be absorbed locally and substantially reduce the grid balancing and upgrading costs. We will combine leading UK/Korean strengths in smart grids, technologies, whole-system analyses, power system economics, and big data/machine learning to accelerate the understanding, design, development and deployment of P2P-ETS in the UK, Korea and beyond.

Key Findings
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Organisation Website: http://www.bath.ac.uk