Renewable energy sources in a transactive energy market

Due to government policies, the declining cost of renewable energy technology and the increased costs of fossil fuels, energy sources such as wind and solar are becoming a larger part of the power producing mix. As renewable generators start to replace conventional sources such as coal, oil, gas and...

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Bibliographic Details
Published inThe 2014 2nd International Conference on Systems and Informatics (ICSAI 2014) pp. 202 - 208
Main Authors Sahin, Tugcan, Shereck, Daniel
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.11.2014
Subjects
Power industry
power system economics
power system reliability
Reliability
Renewable energy sources
solar energy
Transactive energy
Transportation
Voltage control
wind energy
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Summary:Due to government policies, the declining cost of renewable energy technology and the increased costs of fossil fuels, energy sources such as wind and solar are becoming a larger part of the power producing mix. As renewable generators start to replace conventional sources such as coal, oil, gas and nuclear there is a growing concern by utility operators that the power system reliability may be compromised. Additionally, as more and more customers begin to produce their own energy there is a growing concern of market parity. As consumers become prosumers the utility is left with the role of maintaining the grid despite declining revenues. Those who cannot afford their own renewables sources are also left to foot the bill as rates rise. Therefore the current market mechanisms do not properly distribute the costs as well as ensure grid reliability. This paper seeks to classify the costs and benefits of renewables for all market participants using the Transactive Energy Framework proposed by the GridWise Architecture Council in 2013.
DOI:10.1109/ICSAI.2014.7009286