Smart Grid to Energy Internet: A Systematic Review of Transitioning Electricity Systems

The concept of Energy Internet has emerged from the limitless possibilities of energy sharing networks formed by interconnection of electricity producers cum consumers (prosumers) with renewable energy sources/systems, electric loads, and storage devices. Energy Internet represents a radical transformation of traditional electricity system by orchestrating real-time bidirectional power, communication, and money flows. This transformation is expected to be resultant of ongoing renewable energy transitions and evolution in the energy technologies such as smart grids, storage devices, vehicle-to-grid, etc. Energy Internet will rely on wide spectrum of Information and Communication Technologies such as Internet of Things, Artificial Intelligence, Blockchains, Payment Interfaces, etc. These technologies have achieved a state of evolution to facilitate seamless bidirectional flows in the Energy Internet. This paper has attempted to study the aptness of Energy Internet for a transitioning electricity system by focusing on national electricity systems across the globe. Firstly, study delves into discussion on studies related to smart grids since it is the precursor of Energy Internet, and various other studies which discuss the developments that likely to enable smooth transition of present electricity system to Energy Internet. Secondly, a systematic review of literature related to state-of-the-art of Energy Internet is performed to outline its structure, operational features and energy market mechanisms. We find that while system infrastructures, technologies, and operational principles across globe are adequately ready for the transition to Energy Internet, hindrances put forth by the policies, regulations, government agencies and institutions need to be addressed to realize a nation-wide Energy Internet.