Abstract
In this paper, a hierarchical frequency regulation system is presented for real-time operation of the electrical grids. It includes a decentralized transactive energy system for clearing transactions of producers/consumers in real-time. The proposed system is implemented in a distributed fashion with small data communication requirement. It is proved that the proposed transactive energy system converges to the optimal power flow (OPF). An iterative method for optimizing control parameters of the proposed hierarchical frequency regulation system is also given. The proposed method is developed for high penetration of renewable energy sources (RESs) as the sizes, locations, and uncertainties of RESs are considered. Finally, the performance of proposed transactive energy system is evaluated in the case study section.
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