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Dynamic pricing in highly distributed power systems of the future

Kockar, I. and Papadaskalopoulos, D. and Strbac, G. and Pudjianto, D. and Galloway, S. and Burt, G. (2011) Dynamic pricing in highly distributed power systems of the future. In: IEEE Power and Energy Society General Meeting 2011, 2011-07-24.

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Abstract

Existing energy systems and markets are characterized by a relatively small number of participants interacting in high-volume wholesale markets with end-users mainly participating in separate retail markets. This paper presents a work which aims to develop a Distributed Energy Market that brings together all participants in an integrated real-time marketplace. Operation in such markets will be based on dynamic pricing of various services, starting from energy generation, ancillary services and active demand participations. For this operation, new market and businesses models and rules need to be developed and tested.