Framework of Transactive Energy Market Strategies for Lucrative Peer-to-Peer Energy Transactions

Leading to the enhancement of smart grid implementation, the peer-to-peer (P2P) energy transaction concept has grown dramatically in recent years allowing the end-users to successfully exchange their excess generation and demand in a more profitable way. This paper presents local energy market (LEM)...

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Bibliographic Details
Published in:Energies (Basel) 2023-01, Vol.16 (1), p.6
Main Authors: Loganathan, Arun S., Ramachandran, Vijayapriya, Perumal, Angalaeswari Sendraya, Dhanasekaran, Seshathiri, Lakshmaiya, Natrayan, Paramasivam, Prabhu
Format: Article
Language:English
Subjects:
Analysis
Automation
Blockchain
Consumers
Demand
Electricity
Energy
Energy consumption
Energy industry
Energy management
Energy prices
Energy resources
Energy storage
Energy trading
International trade
locality energy market
market-clearing strategies
Payback periods
Peer to peer computing
peer-to-peer energy market
Power
Profits
renewable energy resources
Residential location
Technology application
transactive energy management systems
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Summary:Leading to the enhancement of smart grid implementation, the peer-to-peer (P2P) energy transaction concept has grown dramatically in recent years allowing the end-users to successfully exchange their excess generation and demand in a more profitable way. This paper presents local energy market (LEM) architecture with various market strategies for P2P energy trading among a set of end-users (consumers and prosumers) in a smart residential locality. In a P2P fashion, prosumers/consumers can export/import the available generation/demand in the LEM at a profit relative to utility prices. A common portal known as the transactive energy market operator (TEMO) is introduced to manage the trading in the LEM. The goal of the TEMO is to develop a transaction agreement among P2P players by establishing a price for each transaction based on the price and trading demand provided by the participants. A few case studies on a location with ten residential P2P participants validate the performance of the proposed TEMO.
ISSN:1996-1073
1996-1073
DOI:10.3390/en16010006