The RealValue project has been designed to accelerate innovation and develop business models necessary for use of small-scale energy storage in residential homes.
Crucial to the success of the RealValue consortium is the involvement of all 13 partners who represent the entire energy supply chain including Industry, Energy Services, Network and Research Organisations. The consortium includes: technology developers (Glen Dimplex, Intel, Beegy); energy system modelling specialists (UCD, DIW, RTU); energy market specialists (VTT); socio-economic experts (Oxford University); electricity network operators (ESBN, EirGrid) and energy utilities (MVV, SSE) who will collectively deliver a 36-month large scale pilot study, across five EU member states.
RealValue will provide an innovative means to mitigate the challenges associated with, and maximise the value of clean energy from renewable sources. The aim is to demonstrate how small scale energy storage systems, within people’s homes (e.g. Smart Electric Thermal Storage Systems ‘SETS’) can provide benefits to the whole electricity supply chain, from generation and distribution, through to wholesale markets and suppliers and ultimately to the end consumer.
Smart Electric Thermal Storage Systems (SETS) is a direct replacement for existing electric thermal storage heaters and water tanks with a combined load of 55GW across the EU. It can also replace direct electric resistance heaters with further connected load of 93GW. To validate the physical demonstrations at large scale RealValue will use modelling & virtual simulation to demonstrate the technical and commercial potential in millions of homes across representative EU regions.
Thorough research studies are an integral part of RealValue and will include techno-economic and behavioural analysis that will be used to inform EU regulation and policy decision makers.
RealValue will develop business models which quantify the potential of small-scale storage as an aggregated controllable load. It will provide system services or release value through price arbitrage within existing energy market structures, and highlight any barriers associated with integration into the electricity grid.
The RealValue consortium will present the results of the project to policy makers, helping to inform EU regulation.
RealValue Video Clip which explains the project in a simple animation