Sharing economy is a transformative socio-economic phenomenon built aroundthe idea of sharing underused resources and services, e.g. transportation andhousing, thereby reducing costs and extracting value. Anticipating continuedreduction in the cost of electricity storage, we look into the potentialopportunity in electrical power system where consumers share storage with eachother. We consider two different scenarios. In the first scenario, consumersare assumed to already have individual storage devices and they explorecooperation to minimize the realized electricity consumption cost. In thesecond scenario, a group of consumers is interested to invest in joint storagecapacity and operate it cooperatively. The resulting system problems aremodeled using cooperative game theory. In both cases, the cooperative games areshown to have non-empty cores and we develop efficient cost allocations in thecore with analytical expressions. Thus, sharing of storage in cooperativemanner is shown to be very effective for the electric power system.
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