Abstract
A novel demand response program combines the advantages of price-based demand response under the time-of-use pricing and the incentive-driven demand reduction bidding strategy to manage energy demand, and maximize the net present value of both participants and the community-microgrid. It also facilitates the seller prosumers to optimally sell the surplus power in a fully decentralized peer-to-peer power trading manner. A novel mathematical demand reduction bidding model is proposed to minimize the community-microgrid cost by the prioritized selection of participants for demand reduction. This study proposed a novel decentralized three non-cooperative dynamic games strategy, incorporating Nash equilibrium approaches to achieve the optimum schedules of appliance, buying, and power trading agents to maximize the net present value of both prosumers and the community-microgrid while preserving participants’ privacy and control network congestion. The priority-based optimal selection of seller and buyer prosumers according to their utility and pricing function in the peer-to-peer power trading scheme is accomplished using a proposed color-based segmented decentralized bilateral power trading to maximize the net present value. The numerical and simulation results demonstrate the feasibility and effectiveness of the proposed strategies and increase the net present value of prosumers up to 42.4 % and community-microgrid up to 34.79 %.
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