Project description
Flexibility market platform based on blockchain and IoT paves the way for smart energy grids
Transactive energy is a new kind of energy market, operated by consumers, which will change the way energy is generated and consumed. Blockchain technology would serve as an ideal platform for the transactive electricity market, helping to ensure that diverse assets on the grid work together. It also allows the IoT to share information efficiently, reliably and securely. The EU-funded PARITY project is working on a local flexibility market platform that seamlessly integrates IoT and blockchain technologies. The solution also includes active network management tools to address the present ‘structural inertia’ of the distribution grid. PARITY’s solution is expected to increase grid durability and efficiency, facilitating penetration of renewable energy sources in the electricity energy mix beyond 50 %.
Objective
PARITY addresses the “structural inertia” of existing distribution grids by delivering a transactive grid & market framework that will increase the durability and efficiency of the electrical grid and facilitate the penetration of RES beyond 50% of the generation mix in the distribution network.
PARITY will go beyond the traditional “top-down” grid management practices by delivering a unique local flexibility market platform through the seamless integration of IoT and blockchain technologies. By delivering a market for automated flexibility exchange based on smart contracts & blockchain, PARITY will facilitate efficient and transparent local flexibility transactions and reward flexibility in a cost-reflective and symmetric manner, through price signals of higher spatio-temporal granularity based on real-time grid operational constraints and available DER flexibility.
Secondly, by deploying State-of-the-Art IoT technologies PARITY will offer distributed intelligence (DER profiling) and self-learning/self-organization capabilities (automated real-time distributed control), orchestrated by the cost-reflective flexibility market signals generated by the blockchain market platform. Within PARITY, DERs will form dynamic clusters that essentially comprise self-organized networks of active DER nodes that will efficiently distribute and balance global and local intelligence, enabling real-time aggregated & P2P transactions through enhanced forecasting, optimization and control of DER flexibility.
Finally, the PARITY solution includes novel tools for Active Network Management, including an innovative STATCOM and PQ monitoring device, that will enable the DSO to enhance its management capabilities, grid observability and RES hosting capacity.
The PARITY solution will be demonstrated in 4 pilot sites around the EU (ES, CH, SE & ES) to validate its effectiveness across climatic, cultural and techno-regulatory conditions.
Fields of science
- natural sciencescomputer and information sciencesinternetinternet of things
- engineering and technologyenvironmental engineeringenergy and fuelsrenewable energy
- engineering and technologyelectrical engineering, electronic engineering, information engineeringelectrical engineeringpower engineeringelectric power distribution
- natural sciencescomputer and information sciencescomputer securitycryptography
- social scienceseconomics and businessbusiness and management
Keywords
Programme(s)
Funding Scheme
IA - Innovation actionCoordinator
57001 Thermi Thessaloniki
Greece
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Participants (21)
50018 Zaragoza
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1700 Nicosia
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152 32 CHALANDRI ATHINA
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
Participation ended
1180 Uccle
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
18194 Churriana De La Vega
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Legal entity other than a subcontractor which is affiliated or legally linked to a participant. The entity carries out work under the conditions laid down in the Grant Agreement, supplies goods or provides services for the action, but did not sign the Grant Agreement. A third party abides by the rules applicable to its related participant under the Grant Agreement with regard to eligibility of costs and control of expenditure.
18194 Granada
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
50004 Zaragoza
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151 24 Marousi
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117 43 ATHINA
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415 28 Goteborg
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
Participation ended
217 42 Malmo
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6900 Massagno
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6928 Manno
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6928 Manno
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
1100 WIEN
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
151 24 MAROUSI ATTIKIS
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
48007 Bilbao
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152 34 CHALANDRI
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The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
205 09 MALMO
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Legal entity other than a subcontractor which is affiliated or legally linked to a participant. The entity carries out work under the conditions laid down in the Grant Agreement, supplies goods or provides services for the action, but did not sign the Grant Agreement. A third party abides by the rules applicable to its related participant under the Grant Agreement with regard to eligibility of costs and control of expenditure.
374 33 Karlshamn
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Legal entity other than a subcontractor which is affiliated or legally linked to a participant. The entity carries out work under the conditions laid down in the Grant Agreement, supplies goods or provides services for the action, but did not sign the Grant Agreement. A third party abides by the rules applicable to its related participant under the Grant Agreement with regard to eligibility of costs and control of expenditure.
374 33 Karlshamn
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