Abstract
This study designs a market platform for peer-to-peer (P2P) energy trading in transactive energy (TE) systems, where prosumers and consumers actively participate in the market as seller or buyer to trade energy. An auction-based approach is used for market clearing in the proposed platform and a review of different types of auctions is performed. The appropriate auction approach for market clearing in the proposed platform is designed. The proposed auction mechanism is implemented in three steps namely determination, allocation and payment. This study identifies important P2P market clearing performance indices, which are used to compare and contrast the designed auction with different types of auction mechanisms. Comparative studies demonstrate the efficacy of the proposed auction mechanism for market clearing in the P2P platform.
Highlights
Today's grid is characterised by increasing levels of distributed energy resources (DERs), demand response programs, and energy efficiency initiatives
In the market design in Transactive energy (TE) systems, policies should be designed in a way that maximises customer engagement via two-way interaction and accommodates the scale of DERs that will enter the system in the future
A novel energy trading mechanism among prosumers, which can be used in TE systems is called peer-to-peer (P2P) energy trading which contributes to the balance of energy [5] and reduces congestions on transmission and distribution lines [6]
Summary
Today's grid is characterised by increasing levels of distributed energy resources (DERs), demand response programs, and energy efficiency initiatives. In the market design in TE systems, policies should be designed in a way that maximises customer engagement via two-way interaction and accommodates the scale of DERs that will enter the system in the future The design of this new market motivates prosumers and consumers to use electricity generated by renewable energy resources. The P2P approach provides localised energy trading which facilitates system operation with a large penetration of DERs as interconnected nodes in a network In this context, a P2P market platform is presented in this paper, which enables direct energy trading among prosumers and consumers. An auction-based market clearing approach is presented, which is unique in its ability to enable sellers and buyers to trade energy through a platform based on a set of rules and satisfying both sellers and buyers at the same time. The revenue of seller i (Ri) and cost saving of buyer j (Cj) can be defined as (2) and (3):
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