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P2P trading of heat and power via a continuous double auction

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  • Hutty, Timothy D.
  • Brown, Solomon

Abstract

Peer-to-peer (P2P) energy trading, whereby customers can trade energy with one another rather than the energy supplier only, has the potential to save money for consumers whilst also incentivising more efficient and environmentally beneficial behaviour. Many existing models for P2P only consider a real-time or hour-ahead market, which does not allow proper scope for the planning of flexible demand or for energy storage. Accordingly, in this model we employ a day-ahead continuous double auction (CDA), in which all the upcoming timeslots are simultaneously open for trading. This allows schedules for device dispatch to be developed properly. We consider the flexibility and interdependence of bidding across different timeslots and develop strategies to address this. Furthermore, we consider the trade of heat as well as power, via a low temperature heat network. Heat and power trading interact due to the use of air source heat pumps (ASHPs) as well as reversible solid oxide cells (rSOCs), which can provide combined heat and power, or alternatively produce hydrogen via water electrolysis. In our case study, the P2P market is simulated with 25 houses participating, for two week-long periods in different climate conditions. P2P electricity trading is found to bring a marked reduction in reliance on grid electricity, and a reduction in peak grid load. This is brought about mainly by the incentive for rSOCs to generate at a higher average load factor, and the average house makes savings of ca. £10 / week in winter weather. Heat trading brings a further decrease in reliance on grid electricity, and largely eliminates the use of inefficient resistive heat. However, the heat trading may not be financially worthwhile in all conditions.

Suggested Citation

  • Hutty, Timothy D. & Brown, Solomon, 2024. "P2P trading of heat and power via a continuous double auction," Applied Energy, Elsevier, vol. 369(C).
    • Handle: RePEc:eee:appene:v:369:y:2024:i:c:s0306261924009395
    DOI: 10.1016/j.apenergy.2024.123556
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    References listed on IDEAS

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