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Abstract
In this paper, we propose a multi-objective power management procedure for microgrids (MGs). Through this procedure the power management problem is modeled as a bargaining game among different agents with different sets of objective functions. Nash bargaining solution (NBS) is employed to find the solution of the bargaining game. NBS lies on the Pareto-front of the power management problem. Moreover, it introduces a unique and fair balance among the objective functions of different agents and removes the need to track the whole Pareto-front in real-time. Distributed gradient algorithm is applied to find the NBS through a modular distributed decision framework without using a central control unit. In this way, the problem of data privacy of different parties within the MG is addressed. The proposed methodology has been tested through simulations on islanded and grid-connected MGs under different pricing scenarios (fixed versus time-of-use pricing).
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