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Challenges and prospects for negawatt trading in light of recent technological developments

Author

Listed:
  • Wayes Tushar

    (The University of Queensland)

  • Tapan K. Saha

    (The University of Queensland)

  • Chau Yuen

    (Singapore University of Technology and Design (SUTD))

  • David Smith

    (CSIRO Data61)

  • Peta Ashworth

    (The University of Queensland)

  • H. Vincent Poor

    (Princeton University)

  • Subarna Basnet

    (Massachusetts Institute of Technology)

Abstract

With the advancement of the smart grid, the current energy system is moving towards a future where people can buy what they need, can sell when they have excess and can trade the right of buying to other proactive consumers (prosumers). Although the first two schemes already exist in the market, selling the right of buying — also known as negawatt trading — is something that is yet to be implemented. Here we review the challenges and prospects of negawatt trading in light of recent technological advancements. Through reviewing a number of emerging technologies, we show that the necessary methodologies that are needed to establish negawatt trading as a feasible energy management scheme in the smart grid are already available. Grid interactive buildings and distributed ledger technologies, for instance, can ensure active participation and fair pricing. However, some additional challenges need to be addressed for fully functional negawatt trading mechanisms in today’s energy market.

Suggested Citation

  • Wayes Tushar & Tapan K. Saha & Chau Yuen & David Smith & Peta Ashworth & H. Vincent Poor & Subarna Basnet, 2020. "Challenges and prospects for negawatt trading in light of recent technological developments," Nature Energy, Nature, vol. 5(11), pages 834-841, November.
    • Handle: RePEc:nat:natene:v:5:y:2020:i:11:d:10.1038_s41560-020-0671-0
    DOI: 10.1038/s41560-020-0671-0
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    Citations

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    Cited by:

    1. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K., 2021. "Cooperative negawatt P2P energy trading for low-voltage distribution networks," Applied Energy, Elsevier, vol. 299(C).
    2. He, Li & Liu, Yuanzhi & Zhang, Jie, 2021. "Peer-to-peer energy sharing with battery storage: Energy pawn in the smart grid," Applied Energy, Elsevier, vol. 297(C).
    3. Hampton, Harrison & Foley, Aoife, 2022. "A review of current analytical methods, modelling tools and development frameworks applicable for future retail electricity market design," Energy, Elsevier, vol. 260(C).
    4. Hampton, Harrison & Foley, Aoife M. & Del Rio, Dylan Furszyfer & Sovacool, Benjamin, 2022. "Developing future retail electricity markets with a customer-centric focus," Energy Policy, Elsevier, vol. 168(C).
    5. Elena Korneeva & Nina Olinder & Wadim Strielkowski, 2021. "Consumer Attitudes to the Smart Home Technologies and the Internet of Things (IoT)," Energies, MDPI, vol. 14(23), pages 1-15, November.
    6. Jayachandran, M. & Rao, K. Prasada & Gatla, Ranjith Kumar & Kalaivani, C. & Kalaiarasy, C. & Logasabarirajan, C., 2022. "Operational concerns and solutions in smart electricity distribution systems," Utilities Policy, Elsevier, vol. 74(C).
    7. Tushar, Wayes & Yuen, Chau & Saha, Tapan K. & Morstyn, Thomas & Chapman, Archie C. & Alam, M. Jan E. & Hanif, Sarmad & Poor, H. Vincent, 2021. "Peer-to-peer energy systems for connected communities: A review of recent advances and emerging challenges," Applied Energy, Elsevier, vol. 282(PA).
    8. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K. & Yuen, Chau & Smith, David, 2022. "Peer-to-peer kilowatt and negawatt trading: A review of challenges and recent advances in distribution networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 169(C).

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