Project Inception Meeting
Project Inception meeting and 1st Steering Team Meeting were held on 30th & 31st August respectively. All the academic and industry consortia partners participated in the inception meeting. All the partners deliberated and agreed on the scope of work. Industry partners also committed the necessary manpower and equipment resources towards the project. The Steering committee was constituted and it took a few key decisions on the timelines and development plan for the project.
The energy markets globally are being redesigned and realigned from a central fossil based generation to decentralized and renewable based generation, thereby opening numerous challenges to overcome and opportunities to leverage by in spirit adaptation of digitization. The network operators, power plants owners, system operators and traders can be immensely benefitted by such adaptation, else they run the risk of being marginalized in future. With the proliferation of rooftop solar systems, electric vehicles and electricity storage facilities, centralized grid based electricity may slowly become a backup supply only.
The upcoming decentralized generation and reducing cost of solar could increasingly shift the physical markets from long term to spot. Further Digitization shall enable small scale decentralized producers and consumers (prosumers) to have the right to supply and right to choose supply sources in real sense through Peer-to-peer (P2P) trading. The emerging energy ecosystem will have disruptive impact on physical settlement of commercial transactions,financial settlements and shall disrupt the auxiliary service markets such as reactive power, Black start, Demand Response.
Utilities which fail to embrace and adapt to such changes could eventually end up being network owners only. Similarly traders run the risk of being marginalized should they fail to adapt to inevitable changes brought by P2P trading.However peer to peer trading will also lead to challenge of handling a very large volume of trades every minute in a trustless environment.