Abstract
In recent years, numerous studies have explored the opportunities and challenges for emerging decentralized energy systems and business models. However, few studies have focussed specifically on the economic and social value associated with three emerging models: peer-to-peer energy trading (P2P), community self-consumption (CSC) and transactive energy (TE). This article presents the findings of a systematic literature review to address this gap. The paper makes two main contributions to the literature. Firstly, it offers a synthesis of research on the social and economic value of P2P, CSC and TE systems, concluding that there is evidence for a variety of sources of social value (including energy independence, local benefits, social relationships, environmental responsibility and participation and purpose) and economic value (including via self-consumption of renewable electricity, reduced electricity import costs, and improved electricity export prices). Secondly, it identifies factors and conditions necessary for the success of these models, which include willingness to participate, participant engagement with technology, and project engagement of households and communities, among other factors. Finally, it discusses conflicts and trade-offs in the value propositions of the models, how the three models differ from one another in terms of the value they aim to deliver and some of the open challenges that require further attention by researchers and practitioners.
Highlights
In recent years, numerous studies have explored the opportunities and challenges for emerging decentralized energy systems and business models
While this review focuses on the socio-economic values of participating consumers and prosumers, it considers the importance of finding synergies from decentralized energy systems in order to balance the competing value streams between users and utilities
In this article we have presented the findings of a systematic review of the literature on the economic and social value associated with the P2P, community self-consumption (CSC) and transactive energy (TE) models emerging in energy systems in several parts of the world
Summary
Numerous studies have explored the opportunities and challenges for emerging decentralized energy systems and business models These include review papers which discuss the potential contribution to low carbon energy system from decentralized photovoltaics [1], electricity storage [2], smart grids [3] and microgrids [4]. Our aim is to identify the forms of social and economic value that are attributed to P2P, CSC, and TE models in theory or in practice by the existing literature, and the factors that explain the extent to which these forms of value are realized These models are widely seen to hold the promise of economic benefits for their participants in the form of reduced energy costs or income, as well as independence, empowerment and strengthened relationships for local communities. The purported social value created by P2P, CSC and TE models is likely to be heavily shaped by the cultural, economic and institutional context from which the model emerges, as well as the power structures, political struggles and actor relationships within these contexts [18]
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