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| Mon, 15th Jun 2020 15:29:00 |
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New approach to energy management in microgrids |
Researchers from Australia's Monash University have developed an energy exchange framework to manage distributed energy resources and help consumers lower their power costs.
Energy consumers are effectively lowering their power costs as electricity grids continue to evolve amid rising adoption of renewable distributed energy resources (DERs), including rooftop PV, battery storage, and electric vehicles. But in order to maximize the individual value of these assets, DER owners should be enabled to participate in different markets for grid support services, backed by energy management software for load flexibility.
In a new paper recently published in Energies, Monash University researchers argue that the implementation of a transactive energy market (TEM) framework could help consumers to lower their power costs by reducing peak demand. A TEM could also help consumers access revenues from the provision of network services for the main grid, such as frequency and voltage management.
TEM, a novel approach for energy management and trading, provides a market-based solution to allow demand and supply to actively negotiate the exchange of energy. The proper implementation of TEM for microgrid energy management needs a framework that embraces a range of different design requirements. For instance, in preparation for the deployment of a smart microgrid platform, an enabling Internet of Things (IoT) hardware installation has to be performed on all DERs in the microgrid. To demonstrate this, the researchers have used the Monash Microgrid as a real-world implementation of TEM.
The university's microgrid – including 20 buildings, 1 MW of solar, 1 MWh of storage, and two EV chargers – is designed to be a fully functioning local electricity network and trading market, with dynamic resource optimization interacting with an external energy market. The project, which is backed by the Australian Renewable Energy Agency (ARENA), was delivered in partnership with tech company Indra.
Read original full article
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