Emerging Role of Industry 5.0 Digital Twins in Demand Response Electricity Market and Applications

Traditional power system is facing challenges demanding new operational requirements to meet targets of Net Zero Emissions by 2050. Aggregators are playing progressively important role in the demand response (DR) electricity market but are often riddled with deep level of market monopoly and lack of transparency/secrecy. Emerging real-time information technology (IT) applications and novel modelling of digital twins (DT) of individual electricity assets are challenging this position by promising improvements and openness that allows TSO direct access to available demand side flexibility. Additionally, DT technologies are facilitating how demand response services are delivered to end-users by allowing individual assets participation at the atomic level. In this study, the application potentials of assets’ DT in participating in the demand response electricity market was examined. Again, an overview of DT applications for DR was conducted. The novelty of this study is highlighted in development of new approach that facilitates individual end-user assets’ contribution to demand response efforts. The research identifies key useful questions that might serve as inspiration for stakeholders and policy-makers to further close existing gaps in the field of DT, smart-grid and demand response.