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Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems

Huge potential exists for an integrated solar thermal system that connects several solar thermal plants at various locations to a single centralized energy generation (CEG) system network to meet the demand for heat from various businesses. Effective energy management via optimization has become cru...

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Main Authors: Ismail, Muhammad Imran, Yunus, Nor Alafiza, Hashim, Haslenda
Format: Article
Language:English
Published: Italian Association of Chemical Engineering - AIDIC 2023
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TP Chemical technology
Online Access:http://eprints.utm.my/105997/1/HaslendaHashim2023_PeertoPeerControlStrategyfortheOptimal.pdf
http://eprints.utm.my/105997/
http://dx.doi.org/10.3303/CET23106106
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spelling my.utm.1059972024-05-31T02:51:15Z http://eprints.utm.my/105997/ Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems Ismail, Muhammad Imran Yunus, Nor Alafiza Hashim, Haslenda TP Chemical technology Huge potential exists for an integrated solar thermal system that connects several solar thermal plants at various locations to a single centralized energy generation (CEG) system network to meet the demand for heat from various businesses. Effective energy management via optimization has become crucial to increase economic competitiveness, provide more cost-effective energy services, and reduce environmental impacts. Planning and energy management issues include linking every user to a distributed energy resource, a third-party monopoly, and the limited ability of distributed energy resources to compete on pricing and services and set their trading price. The use of locally produced energy is encouraged, and a Peer-to-peer (P2P) competitive energy system is suggested to balance supply and demand. P2P interactions at a larger distribution level are utilized to determine the optimal trading price for an integrated solar thermal system by addressing the financial mechanism. The economic optimization amongst P2P network participants was assessed in terms of the net present value (NPV) and the levelized cost of heat (LCOH). The proposed energy network can enable the model to evaluate transactions, prevent monopolies, and ease access to new distributed energy providers. To demonstrate the suggested approach, a case study of a decentralised competitive heating system at a distribution level is presented. Model simulations were then run to confirm the logic and potential value of the proposed design. In the results, a series of sensitivity analyses were undertaken to investigate the magnitude of the effect of the parameter variation on cost calculation. Simulation findings indicate a minimum solar radiation level of 1,800 kWh/m2, a discount rate below 10 %, a lifetime beyond 15 years, and an optimal trading price of 336 USD/m2 gross for the system acquisition cost. The study found LCOH with positive NPV values between 55 and 82 MYR/MWh . Hot water trade prices from an integrated solar thermal system can be enhanced by 40 % of the LCOH compared to conventional production. All of these results suggest that an integrated solar thermal system in this context could be promising. Italian Association of Chemical Engineering - AIDIC 2023 Article PeerReviewed application/pdf en http://eprints.utm.my/105997/1/HaslendaHashim2023_PeertoPeerControlStrategyfortheOptimal.pdf Ismail, Muhammad Imran and Yunus, Nor Alafiza and Hashim, Haslenda (2023) Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems. Chemical Engineering Transactions, 106 (NA). pp. 631-636. ISSN 2283-9216 http://dx.doi.org/10.3303/CET23106106 DOI : 10.3303/CET23106106
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
language English
topic TP Chemical technology
spellingShingle TP Chemical technology
Ismail, Muhammad Imran
Yunus, Nor Alafiza
Hashim, Haslenda
Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
description Huge potential exists for an integrated solar thermal system that connects several solar thermal plants at various locations to a single centralized energy generation (CEG) system network to meet the demand for heat from various businesses. Effective energy management via optimization has become crucial to increase economic competitiveness, provide more cost-effective energy services, and reduce environmental impacts. Planning and energy management issues include linking every user to a distributed energy resource, a third-party monopoly, and the limited ability of distributed energy resources to compete on pricing and services and set their trading price. The use of locally produced energy is encouraged, and a Peer-to-peer (P2P) competitive energy system is suggested to balance supply and demand. P2P interactions at a larger distribution level are utilized to determine the optimal trading price for an integrated solar thermal system by addressing the financial mechanism. The economic optimization amongst P2P network participants was assessed in terms of the net present value (NPV) and the levelized cost of heat (LCOH). The proposed energy network can enable the model to evaluate transactions, prevent monopolies, and ease access to new distributed energy providers. To demonstrate the suggested approach, a case study of a decentralised competitive heating system at a distribution level is presented. Model simulations were then run to confirm the logic and potential value of the proposed design. In the results, a series of sensitivity analyses were undertaken to investigate the magnitude of the effect of the parameter variation on cost calculation. Simulation findings indicate a minimum solar radiation level of 1,800 kWh/m2, a discount rate below 10 %, a lifetime beyond 15 years, and an optimal trading price of 336 USD/m2 gross for the system acquisition cost. The study found LCOH with positive NPV values between 55 and 82 MYR/MWh . Hot water trade prices from an integrated solar thermal system can be enhanced by 40 % of the LCOH compared to conventional production. All of these results suggest that an integrated solar thermal system in this context could be promising.
format Article
author Ismail, Muhammad Imran
Yunus, Nor Alafiza
Hashim, Haslenda
author_facet Ismail, Muhammad Imran
Yunus, Nor Alafiza
Hashim, Haslenda
author_sort Ismail, Muhammad Imran
title Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
title_short Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
title_full Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
title_fullStr Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
title_full_unstemmed Peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
title_sort peer-to-peer control strategy for the optimal trading price of integrated solar thermal systems
publisher Italian Association of Chemical Engineering - AIDIC
publishDate 2023
url http://eprints.utm.my/105997/1/HaslendaHashim2023_PeertoPeerControlStrategyfortheOptimal.pdf
http://eprints.utm.my/105997/
http://dx.doi.org/10.3303/CET23106106
_version_ 1800714795353112576
score 13.211869

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