overview of the project
Today’s energy markets remain inherently incomplete and imperfectly competitive mainly due to the characteristics and special nature of the commodity of power.
Inelasticity of Demand along with the continuously increasing presence of distributed intermittent energy sources pose significant challenges and undoubtedly have considerably negative impact on the overall grid balance.
Moreover, non-forecastable variable generation from RES is posing critical challenges in grid management at all levels (distribution, transmission and cross-border).
Grid defection is becoming a rapidly growing threat to traditional utility business models. As indicated by Figure 2, utilities nowadays face a fundamentally different challenge the so-called “utility in a box”.
The PARITY project focuses on 6 main objectives:
DER Flexibility Ecosystem seamlessly integrating Heterogeneous DER within a Unified Flexibility Management Framework, Actively Participating in Smart Grid Operations.
Storage-as-a-Service framework efficiently combining Actual Storage (EVs and batteries) and Virtual Energy Storage (Power-to-Heat).
Smart Contracts Enabled Local Flexibility Market Platform that facilitates the transition to enhanced Transactive Flexibility Systems through Distributed Intelligence and Integrated Market Based Control.
SG Monitoring, PQ Management and Active network management
Holistic Assessment of Novel Business Models and Validation in Real-Life environments to ensure wide Market Actor Engagement in the PARITY Local Flexibility Market Platform
Promote the adoption of the PARITY solution as a next-generation Local Flexibility Market Platform through intense dissemination and knowledge transfer of the project’s outcomes.
In order to achieve its objectives, PARITY relies upon 3 key elements:
The PARITY solution eliminates a number of barriers for the consumer empowerment through the establishment of local flexibility markets and electricity market participation according to the EC pertaining to: