Abstract
This article deals with the impact of demand response (DR) with peer-to-peer (P2P) energy trading for a residential smart home consisting of smart appliances, an electric vehicle, a battery energy storage system (BESS), and renewable energy-based distributed generation (DG) such as solar PV and wind. The proposed work deals with two stages, such as DR implementation and P2P energy trading. The first stage of implementation deals with the optimal scheduling of smart appliances in a residential home using a Binary Dragonfly Algorithm (BDA). Each appliance in the smart home is scheduled based on the slab tariff, Time of Day (ToD), and Real-Time Pricing (RTP) with DR to identify the most economical tariff structure for the residential home. Five different cases are examined to identify the best smart home for effectively utilizing DGs by reducing grid dependency and electricity costs.The RTP tariff is proved to be more beneficial than the slab tariff and ToD tariff because the electricity cost of the smart home is very minimal for all the cases with RTP, especially in case 5 cost is reduced by ₹12.0613 than slab tariff and ₹8.414 than ToD. Hence, the RTP tariff is chosen as the optimal tariff structure for the next stage of the proposed work.The second stage of implementation deals with the P2P trading between the smart homes with a proposed enhanced bidding strategy to reduce the grid dependency and electricity cost of the individual smart homes. The proposed enhanced bidding strategy involves a double auction mechanism to determine the trading decision and trading cost for the benefit of both consumers and prosumers. The electricity cost reduction achieved by consumer 1 and consumer 2 from the enhanced smart bidding strategy are ₹92.7615 and ₹15.1525, respectively. The results also proved that prosumer 1 and prosumer 2 obtained a profit of ₹78.2170 and ₹28.6970, respectively. The EV uncertainty analysis is also examined in smart homes to validate the effectiveness of the proposed bidding strategy. The simulation results proved that the proposed DR-based P2P trading with an enhanced bidding strategy reduces grid dependency and electricity costs, including EV uncertainty conditions.
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