Peer-to-Peer Electricity Market Based on Local Supervision

The active participation of small-scale prosumers and consumers with demand-response capability and renewable resources can be a potential solution to the environmental issues and flexibility-related challenges. Local energy markets based on peer-to-peer trading is defined as one of solutions to exp...

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Autores principales:	Hosna Khajeh, Amin Shokri Gazafroudi, Hannu Laaksonen, Miadreza Shafie-Khah, Pierluigi Siano, Joao P. S. Catalao
Formato:	article
Lenguaje:	EN
Publicado:	IEEE 2021
Materias:	Electricity market local market offering strategy peer-to-peer trading social welfare Electrical engineering. Electronics. Nuclear engineering TK1-9971
Acceso en línea:	https://doaj.org/article/f2b82d0bde4640e3a4237ff51a9e7d76
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id	oai:doaj.org-article:f2b82d0bde4640e3a4237ff51a9e7d76
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spelling	oai:doaj.org-article:f2b82d0bde4640e3a4237ff51a9e7d762021-12-02T00:00:53ZPeer-to-Peer Electricity Market Based on Local Supervision2169-353610.1109/ACCESS.2021.3129050https://doaj.org/article/f2b82d0bde4640e3a4237ff51a9e7d762021-01-01T00:00:00Zhttps://ieeexplore.ieee.org/document/9618965/https://doaj.org/toc/2169-3536The active participation of small-scale prosumers and consumers with demand-response capability and renewable resources can be a potential solution to the environmental issues and flexibility-related challenges. Local energy markets based on peer-to-peer trading is defined as one of solutions to exploit the maximum flexibility potential of prosumers. However, the existing literature that proposed peer-to-peer based local energy markets did not lead to respecting the peers’ energy trading preferences simultaneously in the profitable market settlement. To solve this issue, a new local energy market model is presented in which network users can trade with their preferred trading partners within the local market as well as the grid. The proposed trading model includes two levels to consider both the democracy and the profitability of energy trading. At the first level, the model considers the trading preferences of each player to respect the peers’ choices. The second level matches the rest of the bids and offers of the local buyers and sellers aiming to maximize the social welfare of all of the players participating in the local market. Our proposed local market is implemented for a test system consisting of fifteen residential players, and the results are compared to other trading models through different comparison criteria such as social-welfare of all players and the net cost of each individual player from consuming electricity. According to the results, the proposed model stands in the second rank compared to the other models that do not simultaneously consider preferences and social welfare of the peers, in terms of social welfare, total profits of the players, and the sustainability and liquidity-based criteria. The proposed model achieves 1416-Cent as the total net energy costs of all peers and the total accepted blocks equaling 76. This means that the proposed local market model can still be profitable and liquid while respecting the players’ trading preferences and choices.Hosna KhajehAmin Shokri GazafroudiHannu LaaksonenMiadreza Shafie-KhahPierluigi SianoJoao P. S. CatalaoIEEEarticleElectricity marketlocal marketoffering strategypeer-to-peer tradingsocial welfareElectrical engineering. Electronics. Nuclear engineeringTK1-9971ENIEEE Access, Vol 9, Pp 156647-156662 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Electricity market local market offering strategy peer-to-peer trading social welfare Electrical engineering. Electronics. Nuclear engineering TK1-9971
spellingShingle	Electricity market local market offering strategy peer-to-peer trading social welfare Electrical engineering. Electronics. Nuclear engineering TK1-9971 Hosna Khajeh Amin Shokri Gazafroudi Hannu Laaksonen Miadreza Shafie-Khah Pierluigi Siano Joao P. S. Catalao Peer-to-Peer Electricity Market Based on Local Supervision
description	The active participation of small-scale prosumers and consumers with demand-response capability and renewable resources can be a potential solution to the environmental issues and flexibility-related challenges. Local energy markets based on peer-to-peer trading is defined as one of solutions to exploit the maximum flexibility potential of prosumers. However, the existing literature that proposed peer-to-peer based local energy markets did not lead to respecting the peers’ energy trading preferences simultaneously in the profitable market settlement. To solve this issue, a new local energy market model is presented in which network users can trade with their preferred trading partners within the local market as well as the grid. The proposed trading model includes two levels to consider both the democracy and the profitability of energy trading. At the first level, the model considers the trading preferences of each player to respect the peers’ choices. The second level matches the rest of the bids and offers of the local buyers and sellers aiming to maximize the social welfare of all of the players participating in the local market. Our proposed local market is implemented for a test system consisting of fifteen residential players, and the results are compared to other trading models through different comparison criteria such as social-welfare of all players and the net cost of each individual player from consuming electricity. According to the results, the proposed model stands in the second rank compared to the other models that do not simultaneously consider preferences and social welfare of the peers, in terms of social welfare, total profits of the players, and the sustainability and liquidity-based criteria. The proposed model achieves 1416-Cent as the total net energy costs of all peers and the total accepted blocks equaling 76. This means that the proposed local market model can still be profitable and liquid while respecting the players’ trading preferences and choices.
format	article
author	Hosna Khajeh Amin Shokri Gazafroudi Hannu Laaksonen Miadreza Shafie-Khah Pierluigi Siano Joao P. S. Catalao
author_facet	Hosna Khajeh Amin Shokri Gazafroudi Hannu Laaksonen Miadreza Shafie-Khah Pierluigi Siano Joao P. S. Catalao
author_sort	Hosna Khajeh
title	Peer-to-Peer Electricity Market Based on Local Supervision
title_short	Peer-to-Peer Electricity Market Based on Local Supervision
title_full	Peer-to-Peer Electricity Market Based on Local Supervision
title_fullStr	Peer-to-Peer Electricity Market Based on Local Supervision
title_full_unstemmed	Peer-to-Peer Electricity Market Based on Local Supervision
title_sort	peer-to-peer electricity market based on local supervision
publisher	IEEE
publishDate	2021
url	https://doaj.org/article/f2b82d0bde4640e3a4237ff51a9e7d76
work_keys_str_mv	AT hosnakhajeh peertopeerelectricitymarketbasedonlocalsupervision AT aminshokrigazafroudi peertopeerelectricitymarketbasedonlocalsupervision AT hannulaaksonen peertopeerelectricitymarketbasedonlocalsupervision AT miadrezashafiekhah peertopeerelectricitymarketbasedonlocalsupervision AT pierluigisiano peertopeerelectricitymarketbasedonlocalsupervision AT joaopscatalao peertopeerelectricitymarketbasedonlocalsupervision
_version_	1718404020478935040

Peer-to-Peer Electricity Market Based on Local Supervision

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