Open Platform for Real-time Renewable Energy Bidding and Trading

22 November 2024

Project Lead: A/Prof Yulei Sui, UNSW
Project Partners: GreenCity Tech 

Project Overview

Australia’s renewable energy sector is experiencing a profound transformation, spurred by the rapid integration of emerging technologies and renewable energy sources such as solar and wind. However, this swift progress also brings forth significant challenges, including the intermittency of renewable energy, the pressure on traditional grid systems, and the demand for effective energy storage solutions. 

This project, led by a team from UNSW with expertise in software engineering, AI, and distributed systems, in collaboration with GreenCity Tech, aims to revolutionise energy management in Australia. The team will develop a real-time AI-driven platform to manage energy bidding and trading for households and businesses, ensuring a balanced, reliable, and economically optimised energy supply.

Objectives and Deliverables

  1. Create an advanced VPP/EMS platform that utilises advanced AI agent models to optimise energy trading decisions based on accurate forecasts of grid demand and market prices. 
  2. Enhance grid stability and efficiency by enabling rapid, real-time control actions in response to market conditions, thereby maximising the use of renewable energy and improving overall energy management. 

This project has the potential to transform Australia’s renewable energy sector by providing a scalable, intelligent solution for managing energy resources. By addressing the unpredictability of renewable energy sources, optimising grid integration, and enhancing energy storage management, the Energent and VPP/EMS platform will contribute to reducing carbon emissions, lowering energy costs, and ensuring a stable energy supply. The project’s success will support Australia’s commitment to a sustainable, low-carbon future and enhance its position in the global energy market. 

Impact to Net Zero Targets

The project’s focus on improving energy efficiency, reducing carbon emissions, and fostering technological innovation aligns with the Hub’s objectives to drive progress toward a sustainable, net zero emissions future:  

  1. Enhancing Renewable Energy Integration: The project centers on developing the Energent, an advanced renewable energy management system that aims to improve the efficiency and effectiveness of integrating renewable energy sources like solar panels and wind turbines into the grid. By addressing the intermittency of these sources and optimizing their use, the Energent will enhance the reliability of renewable energy and reduce dependency on fossil fuels, directly supporting the transition to a cleaner energy system. This aligns with the Innovation Hub’s focus on advancing technologies that contribute to the decarbonisation of the energy sector. 
  2. Optimising Energy Trading and Grid Stability: The project’s Virtual Power Plant (VPP) and Energy Management System (EMS) platform will leverage sophisticated AI-driven algorithms to optimise energy trading decisions. This system will improve the ability to balance energy supply and demand in real time, enhancing grid stability and efficiency. By accurately forecasting energy consumption and market prices, the platform will facilitate better management of energy resources and contribute to more efficient trading, thereby supporting the NSW Government’s goal of reducing emissions through improved grid management. 
  3. Supporting Decarbonisation Goals: The Energent and its associated technologies will significantly contribute to decarbonisation by increasing the efficiency of renewable energy use and reducing the need for carbon-intensive energy sources. By optimizing the management of energy resources and incorporating advanced AI techniques, the project will help lower carbon emissions, making a direct impact on achieving net zero emissions targets. This supports the Innovation Hub’s mission to drive innovations that lead to substantial reductions in greenhouse gas emissions. 
  4. Scalability and Market Adaptation: The proposed system is designed to be scalable and adaptable to various market conditions, both domestically and internationally. This flexibility will enable the technology to be deployed in different regulatory environments and energy markets, facilitating broader adoption and impact. The ability to adapt strategies from European markets to the Australian context will ensure that the developed solutions meet local needs while advancing global decarbonisation efforts.