Future smart grid architecture handling high RES penetration allowing efficient interaction b/w OPF algorithms & energy strategies

The architecture of future smart grids requires an effective interaction between efficient energy markets and electricity grid management systems. Two essential assets that are required in order to facilitate this goal, by harmonizing consumption with production and by guarantying the cost-effectiveness and the stability of electricity grids, are: i) flexibility asset (Demand Side Management - DSM and Energy Storage Systems - ESS) management systems, and ii) accurate forecasts (for various markets and RES production). In this evolving landscape, the FLEXGRID project proposes a holistic future smart grid architecture able to accommodate high renewable energy sources (RES) penetration through the development and the interaction of: i) innovative models that exploit recent advances in game theory in order to quantify and highly improve the trade-off between the various future energy markets requirements (which must be Real Time, Efficient, Strategy Proof, Competitive, Scalable, Fair and Privacy Protecting), ii) models that use advanced optimization theory towards innovative Optimal Power Flow (OPF) algorithms (which must be Scalable, Low Overhead, Multi-period, Robust and Network Upgrade Planning Aware) and iii) innovative Business Models (BMs), through the use of artificial intelligence (AI), which can be exploited by modern Energy Service Providers (ESPs) and RES Producers (RESPs) through their efficient interaction with FLEXGRID’s advanced markets and OPF algorithms. Thus, FLEXGRID facilitates: i) DSOs/TSOs to manage safely and at low cost their electricity grid by interacting with ESPs and RESPs through a liberalized procedure, ii) modern ESPs (able to participate in all the future energy markets) to become more competitive and sustainable, and iii) RESPs to optimally compose and exploit their production in a risk-averse manner.