Research Centre: Research Centre for Systems & Control
Title: Decentralised Flexibility Markets and Peer-to-Peer Energy Trading
Speaker: Thomas Morstyn
Power networks are undergoing a fundamental transition, with traditionally passive consumers becoming ‘prosumers’ – proactive consumers with distributed energy resources that actively manage their consumption, production and storage of energy. However, a key question remains unresolved: how can we incentivise coordination between vast numbers of distributed energy resources, each with different owners and characteristics? The talk focuses on new decentralised market designs which could help address this. First, a market design is presented allowing a distribution system operator to manage local demand constraints by obtaining flexibility from competing aggregators, which must in-turn incentivise prosumers to provide this flexibility. The design only requires individual decision making and agent-to-agent negotiation, and works alongside existing retail electricity market arrangements. Networked matching market theory is proposed for designing a price-negotiation mechanism allowing agents to agree on a set of transactions which are both economically efficient and stable – meaning that no group of agents wish to leave the market and renegotiate outside of it. The design is then extended to allow direct peer-to-peer energy trading. Finally, we discuss peer-to-peer energy trading and virtual power plants as different potential structures for future prosumer electricity markets, and how these structures could be combined to capture the benefits of both.
Thomas Morstyn is a research fellow in the Department of Engineering Science at the University of Oxford. He is working on the EPSRC project ‘A Networked Market Platform for Electric Vehicle Smart Charging”, and he is a co-investigator on the Innovate UK demonstrator ‘Vehicle-to-Grid Oxford (V2GO)’.
He received the B.E. (Hon.) degree from the University of Melbourne in 2011, and the PhD degree from the University of New South Wales in 2016, both in electrical engineering. Before undertaking his PhD, he spent two years working in Rio Tinto’s Technology and Innovation Group. His research interests include multi-agent control and market design for the integration of distributed energy resources into power systems.
Share this event
When & where
1.00pm - 2.00pmTuesday 30th October 2018