Abstract
This paper proposes a new decentralized transactive energy (TE) market strategy integrating wholesale and local energy markets through coordinated interactions between transmission system operator (TSO), distribution system operators (DSOs), and distributed energy resource (DER) owners. The overall market-clearing problem is formulated as an optimization problem with coupling variables between different market levels, decomposed into three sub-problems for each of them to solve for locational marginal prices (LMPs), distribution LMPs, and local dispatch commands, respectively, based on the optimal output of upper level utilizing the Alternating Direction Method of Multipliers (ADMM) algorithms in a decentralized manner. The effectiveness of the proposed approach is validated through software simulations by realizing it in interconnected transmission and distribution networks.
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