Chapter 5 - Modernized P2P energy trading market model and platform for net-zero carbon energy networks

Abstract

The current structure of energy networks was not initially designed to support the high penetration of volatile renewable energy systems. The old form of the energy structure suffers substantial losses caused by long-distance transmission lines as well as traditional energy production and distribution supply process coming from the centralized energy generation mechanism. However, new localized forms of energy grids such as microgrids, prosumers, and energy hubs have recently appeared that allow for decentralized energy generation along with reliable and sustainable energy supply producers. Indeed, new energy network paradigms can provide suitable conditions for adopting decentralized energy production systems, especially renewable types, and upsurging affordability to invest in domestic renewable systems. However, reaching from the energy network decentralization to its decarbonization accompanies by the challenge of stochastic variations in renewable outputs. In such a network status, different grid paradigms require sustainable ways of energy supply to better manage their energy supply and demand and procure a satisfactory level of economic and social benefits. Peer-to-peer (P2P) energy trading is one of these ways that adds strong flexibility ability to grids equipped with numerous renewable energy systems. However, previous models and platforms for P2P energy sharing are no longer appropriate for the future modern energy infrastructure. Hence, market mechanisms and platforms need to be modernized for the P2P energy sharing that easily allows for the new emerging technologies to play a central role in improving the grid characteristics. This is why the present chapter is planned for analyzing the modernized P2P energy trading market model and platforms to lighten the aforementioned burden for future modern energy networks.