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Electricity Market Empowered by Artificial Intelligence: A Platform Approach

Author

Listed:
  • Yueqiang Xu

    (Martti Ahtisaari Institute, University of Oulu, 90014 Oulu, Finland)

  • Petri Ahokangas

    (Martti Ahtisaari Institute, University of Oulu, 90014 Oulu, Finland)

  • Jean-Nicolas Louis

    (Water, Energy and Environmental Engineering Research Unit, Faculty of Technology, University of Oulu, 90014 Oulu, Finland)

  • Eva Pongrácz

    (Water, Energy and Environmental Engineering Research Unit, Faculty of Technology, University of Oulu, 90014 Oulu, Finland)

Abstract

Artificial intelligence (AI) techniques and algorithms are increasingly being utilized in energy and renewable research to tackle various engineering problems. However, a majority of the AI studies in the energy domain have been focusing on solving specific technical issues. There is limited discussion on how AI can be utilized to enhance the energy system operations, particularly the electricity market, with a holistic view. The purpose of the study is to introduce the platform architectural logic that encompasses both technical and economic perspectives to the development of AI-enabled energy platforms for the future electricity market with massive and distributed renewables. A constructive and inductive approach for theory building is employed for the concept proposition of the AI energy platform by using the aggregated data from a European Union (EU) Horizon 2020 project and a Finnish national innovation project. Our results are presented as a systemic framework and high-level representation of the AI-enabled energy platform design with four integrative layers that could enable not only value provisioning but also value utilization for a distributed energy system and electricity market as the new knowledge and contribution to the extant research. Finally, the study discusses the potential use cases of the AI-enabled energy platform.

Suggested Citation

  • Yueqiang Xu & Petri Ahokangas & Jean-Nicolas Louis & Eva Pongrácz, 2019. "Electricity Market Empowered by Artificial Intelligence: A Platform Approach," Energies, MDPI, vol. 12(21), pages 1-21, October.
    • Handle: RePEc:gam:jeners:v:12:y:2019:i:21:p:4128-:d:281549
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    References listed on IDEAS

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    1. Heymann, Fabian & Milojevic, Tatjana & Covatariu, Andrei & Verma, Piyush, 2023. "Digitalization in decarbonizing electricity systems – Phenomena, regional aspects, stakeholders, use cases, challenges and policy options," Energy, Elsevier, vol. 262(PB).
    2. Vangelis Marinakis & Themistoklis Koutsellis & Alexandros Nikas & Haris Doukas, 2021. "AI and Data Democratisation for Intelligent Energy Management," Energies, MDPI, vol. 14(14), pages 1-14, July.
    3. Thomas Pownall & Iain Soutar & Catherine Mitchell, 2021. "Re-Designing GB’s Electricity Market Design: A Conceptual Framework Which Recognises the Value of Distributed Energy Resources," Energies, MDPI, vol. 14(4), pages 1-26, February.
    4. Nallapaneni Manoj Kumar & Aritra Ghosh & Shauhrat S. Chopra, 2020. "Power Resilience Enhancement of a Residential Electricity User Using Photovoltaics and a Battery Energy Storage System under Uncertainty Conditions," Energies, MDPI, vol. 13(16), pages 1-26, August.

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