A Decentralized Bilateral Energy Trading System for Peer-to-Peer Electricity Markets
By Mohsen Khorasany, Yateendra Mishra, Gerard Ledwich. IEEE transactions on industrial electronics (1982. Print), 2020
332 citations recorded by the source corpus.
Increase in the deployment of distributed energy resources (DERs) has triggered a new trend to redesign electricity markets as consumer-centric markets relying on peer-to-peer (P2P) approaches. In the P2P markets, players can directly negotiate under bilateral energy trading to match demand and supply. The trading scheme should be designed adequately to incentivise players to participate in the trading process actively. This article proposes a decentralized P2P energy trading scheme for electricity markets with high penetration of DERs. A novel algorithm using primal-dual gradient method is described to clear the market in a fully decentralized manner without interaction of any central entity. Also, to incorporate technical constraints in the energy trading, line flow constraints are modeled in the bilateral energy trading to avoid overloaded or congested lines in the system. This market structure respects market players’ preferences by allowing bilateral energy trading with product differentiation. The performance of the proposed method is evaluated using simulation studies, and it is found that market players can trade energy to maximize their welfare without violating line flow constraints. Also, compared with other similar methods for P2P trading, the proposed approach needs lower data exchange and has a faster convergence.
Subfields: Control and Systems Engineering, Electrical and Electronic Engineering
View Paper: https://www.semanticscholar.org/paper/123dfbab112d89abfd5bd3dacb0e1b9d052097a5
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In Control and Systems Engineering
In Electrical and Electronic Engineering
- Chau Yuen
- H. Vincent Poor
- Wayes Tushar
- Tapan Kumar Saha
- David B. Smith
- Thomas Morstyn
- Yuanwei Liu
- Zhiguo Ding
Citations in the corpus
- Peer-to-Peer Energy Systems for Connected Communities: A Review of Recent Advances and Emerging Challenges (2020, background): “Further examples of P2P sharing in the decentralized market can be found in [36] and [37].”
- Peer-to-Peer Trading in Electricity Networks: An Overview (2020, background): “Under this category, a large number of techniques have been proposed to ensure prosumer-centric delivery of outcomes including multi-class energy management [34], motivational psychology [3], bilateral contract theory [27], [54], reinforcement learning [50], [56], game theory [3], prediction-integra”