Advanced Peer to Peer Transactive Energy Platform with Predictive Optimization

Under the Department of Energy’s SunShot 2030 goals, the SunShot Initiative was launched to lower the cost of residential solar electricity to $0.05 per kilowatt hour and to enable greater distributed energy resource adoption.This has resulted in residential PV solar rapidly growing, leading to a rise in energy prosumers (energy producers and consumers).The rise in distributed energy resources require new technologies that enable prosumers to transact directly with each other for meeting their cost-effective energy needs.A promising solution is a transactional energy and control framework, wherein mutually-beneficial and cost-effective market transactions can be reached between multiple players across different domains.Specifically, peer-to-peer energy transaction technologies, such as Blockchain encoded smart contracts, allow participants (e.g., individual residences, commercial operators, DERs and their aggregators, or utilities) in the network to transact directly with other network participants without involving a third-party intermediary, reducing transmission time and costs.During Phase I, we developed a proof-of-concept of the proposed “Advanced peer-to-peer transactive energy platform with predictive optimization”.The project has demonstrated the feasibility of the proposed solution for peer-to-peer transactions, management and control.During Phase II, we will develop a prototype of the peer-to-peer transactive energy platform.The platform will leverage advanced predictive and optimization technologies to provide deep energy insights, actionable information, and intelligent control.This proposed solution represents a truly revolutionary peer-to-peer transactive energy technology that will fundamentally reduce the levelized cost of solar power and improve the economics of distributed energy generation for prosumers, consumers, and utilities.It has the value and will be used for: (1) Empowering prosumers through personalized energy management optimization (energy arbitrage and grid parity) and trading (2) Game changing integration of DER into the grid to enhance grid benefits of improved system reliability and flexibility through demand response/grid ancillary services (3) Reduced utility infrastructure costs through more efficient utilization of existing grid infrastructure (4) Positive societal impacts including reduced GHG emissions and reliance on coal/natural gas.