A Peer-to-Peer energy trading market model based on time-driven prospect theory in a smart and sustainable energy community

Networked microgrids are emerging for coordinating distributed energy resources in distribution networks in the future Energy Internet, for which developing an efficient energy market model is crucial for facilitating multi-directional trading among microgrids. In this paper, a peer-to-peer energy trading mechanism is presented using non-cooperative bidding among microgrids. Multidimensional willingness, including time pressure and counter behavior for mimicking the personalized behaviors of microgrids, was taken into account in the design of the bidding strategy. Under a parallel trading framework based on a blockchain, the proposed multidimensional willingness bidding strategy turns out to be able to make rational decisions with sufficient flexibility in the bidding process. The simulation results of a realistic case of microgrids from Guizhou Province, China, validate that the proposed peer-to-peer energy trading mechanism is capable of raising the microgrids’ profits and renewable energy source utilization.

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Local Electricity Markets for Electric Vehicles: An Application Study Using a Decentralized Iterative Approach

Frontiers in Energy Research ◽

10.3389/fenrg.2021.705066 ◽

2021 ◽

Vol 9 ◽

Author(s):

Ricardo Faia ◽

João Soares ◽

Mohammad Ali Fotouhi Ghazvini ◽

John F. Franco ◽

Zita Vale

Keyword(s):

Electric Vehicles ◽

Electricity Markets ◽

Execution Time ◽

Optimal Solution ◽

Peer To Peer ◽

Market Model ◽

Mixed Integer ◽

Local Energy ◽

Low Carbon ◽

Energy Community

Local electricity markets are emerging solutions to enable local energy trade for the end users and provide grid support services when required. Various models of local electricity markets (LEMs) have been proposed in the literature. The peer-to-peer market model appears as a promising structure among the proposed models. The peer-to-peer market structure enables electricity transactions between the players in a local energy system at a lower cost. It promotes the production from the small low–carbon generation technologies. Energy communities can be the ideal place to implement local electricity markets as they are designed to allow for larger growth of renewable energy and electric vehicles, while benefiting from local transactions. In this context, a LEM model is proposed considering an energy community with high penetration of electric vehicles in which prosumer-to-vehicle (P2V) transactions are possible. Each member of the energy community can buy electricity from the retailer or other members and sell electricity. The problem is modeled as a mixed-integer linear programing (MILP) formulation and solved within a decentralized and iterative process. The decentralized implementation provides acceptable solutions with a reasonable execution time, while the centralized implementation usually gives an optimal solution at the expense of reduced scalability. Preliminary results indicate that there are advantages for EVs as participants of the LEM, and the proposed implementation ensures an optimal solution in an acceptable execution time. Moreover, P2V transactions benefit the local distribution grid and the energy community.

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