Abstract
Peer-to-peer (P2P) energy trading is a promising energy trading mechanism due to the deployment of distributed energy resources in recent years. Trading energy between prosumers and consumers in the local energy market is undergoing massive research and development, paying significant attention to the business model of the energy market. In this paper, an extensive review was conducted on the current research in P2P energy trading to understand the business layer of the energy market concerning business model dimensions: bidding strategies and the market-clearing approach. Different types of game theoretical-based and auction-based market-clearing mechanisms are investigated, including a detailed classification of auctions. This study considers the possibility of employing the P2P technique in developing countries and reviewing existing business models and trading policies. The business layer of the P2P structure plays a vital role in developing an effective trading mechanism based on interactive energy markets.
Highlights
The energy market has been revolutionized in recent years due to various aspects.These aspects include the proliferation of distributed renewable energy resources and the increase in the number of prosumers in the local electricity network, as well as the development in information systems
Prosumers who are the agents with renewable energy resources such as rooftop solar panels are integrated with the grid and trade their excess energy using certain policies that vary from one country to another, for example, net-metering and feed-in tariff [1]
Energy market will not adversely affect their profits. These traditional utilities need to be taken into consideration, ensuring the viability of the energy trading market because players use their existing networks to transmit energy. Distributed energy resources such as small-scale wind turbines and rooftop solar panels have become a vital component of the electricity grid
Summary
The energy market has been revolutionized in recent years due to various aspects. These aspects include the proliferation of distributed renewable energy resources and the increase in the number of prosumers in the local electricity network, as well as the development in information systems. To the best of the authors’ knowledge, there is no recent comprehensive review introducing the distinct types of business models in P2P energy trading, including bidding strategies and market clearing approaches. This paper reviews the innovative trading mechanisms used in the P2P energy market to investigate its efficiency and applicability It intensively surveys the main dimensions of the business model: market-clearing approaches and bidding strategies that researchers used to build a business layer of local electricity exchange between peers. This review covers a comprehensive classification aspect of the auction methods applied in several sectors, especially in energy trading It offers recommendations for future work directions for business model development and energy trading policies in developing countries.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
