Project Name: Advanced Peer-To-Peer Transactive Energy Platform with Predictive Optimization
Funding Opportunity: Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR FY2019 Phase II)
SETO Research Area: Manufacturing and Competitiveness
Location: Albany, NY
SETO Award Amount: $1,049,839
Awardee Cost Share: N/A
Principal Investigator: Nancy Min
Planned Timeline: 2018-2021
-- Award and cost share amounts are subject to change pending negotiations --
This project is a software platform that lets consumers, distributed energy resource (DER) asset owners, and utilities directly communicate with each other, trade energy services, and optimize DER assets, building loads, and transaction costs. The platform will predict energy load and generation over short and medium time periods and improve grid reliability and flexibility through demand response and ancillary services needed to keep the grid stable. Additionally, this project will reduce infrastructure costs through more efficient use of existing grid infrastructure. This platform will be scalable and interoperable with existing and future technologies and infrastructures.
This project will use blockchain technology to enable peer-to-peer (P2P) transaction with transparency and reliability. The software blends physics-based forecast and data-driven analytics to provide energy insights, information, and the ability to control electric loads. The software includes multilevel security features to ensure the data’s source and integrity. The solution couples artificial-intelligence-powered predictive optimization with intelligent control to ensure its performance and efficiency, lowering prices for consumers and empowering them to take more control of their electricity usage and costs. As a result, this project will enable demand response, dynamic supply, load shifting, grid ancillary services, and energy arbitrage that will maximize the economic and technological benefits related to dynamic pricing.
This blockchain P2P platform is poised to realize the values of DER, such as increasing the reliability and resiliency of the electrical grid, making the electric load more dynamic and responsive to wholesale market price signals while improving overall system efficiencies. It will let consumers personalize their energy management by enabling them to interactively participate in the energy markets, which increases energy optimization and efficiency.