Comparative analysis of auction mechanisms and bidding strategies for P2P solar transactive energy markets

Lin, Jason; Pipattanasomporn, Manisa; Rahman, Saifur

doi:10.1016/j.apenergy.2019.113687

Cited by 131 publications

(88 citation statements)

References 106 publications

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“…x x x [120] x x x [121] x x x [122] x x x x [123] x x x x [124] x [125] x [81] x x x x [126] x x [127] x [128] x x [47] x x [129] x x [130] x [131] x x [132] x x x [133] x x [118] x x [134] x x [135] x x [136] x x [137] x x x [138] x x x [139] x x x [140] x x [141] x x x [142] x x x [86] x x x x [143] x x x [144] x x x [145] x x x [146] x x x [147] x x x…”

Section: E Social Aspectsmentioning

confidence: 99%

“…Similarly, Ref. [126] proposes a comparative analysis of various auction mechanisms and bidding strategies for solar electricity trading. The economic efficiencies and impacts of the different strategies on market conditions are simulated through a case study, considering participants in a microgrid at varying photovoltaics penetration levels.…”

Section: ) Literature Focus: Centralized Market Clearingmentioning

confidence: 99%

“…In Ref. [116], the DSO performs an AC PF analysis after each market clearing and informs the D R A F T x x [70] x x [94] x x x [95] x x [96] x x x x [97] x x [98] x x x [62] x x x x [99] x x x x [100] x x x x [101] x x x [102] x x x [103] x x x [104] x x [105] x x [48] x [107] x x x x [108] x x [109] x x x [110] x x x [111] x x x [112] x x x [156] x x x x [113] x x x [114] x x x [115] x x [116] x x [117] x x [118] x x [119] x x [120] x x [121] x x [122] x x [123] x x x [124] x x x [125] x x x x [81] x x x x [126] x [127] x x x [47] x [129] x x [130] x x [131] x x x [132] x x [133] x x [118] x x [134] x x x…”

Section: ) Literature Focus: Cooperative Gamesmentioning

confidence: 99%

See 2 more Smart Citations

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

et al. 2021

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In recent years, power systems have undergone changes in technology and definition of the associated stakeholders. With the increase in distributed renewable generation and small-to medium-sized consumers starting to actively participate on the supply side, a suitable incorporation of decentralized agents into the power system is required. A promising scheme to support this shift is given by local electricity markets. These provide an opportunity to extend the liberal wholesale markets for electrical power found in Europe and the United States to the communal level. Compared to these more established markets, local electricity markets, however, neither have few practical implementations nor standardized frameworks. In order to fill this research gap and classify the types of local electricity markets, the presented paper therefore starts with the challenges that these markets attempt to solve. This is then extended to an analysis of the theoretical and practical background with a focus on these derived challenges. The theoretical background is provided in the form of an introduction to state-of-the-art models and the associated literature, whereas the practical background is provided in form of a summary of ongoing and recent projects on local electricity markets. As a result, this paper presents a foundation for future research and projects attempting to approach the here presented challenges in distribution of generation, integration of demand response, decentralization of markets and legal and social issues via local electricity markets.

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Section: E Social Aspectsmentioning

confidence: 99%

Section: ) Literature Focus: Centralized Market Clearingmentioning

confidence: 99%

Section: ) Literature Focus: Cooperative Gamesmentioning

confidence: 99%

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Developments and Challenges in Local Electricity Markets: A Comprehensive Review

et al. 2021

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“…If transmission constraints are relaxed and the algorithm only balances instantaneous power, the optimum market clearing requires solving: min P (1) ,...,P (N ) n∈N…”

Section: Distributed Pricing and Scheduling Algorithmmentioning

confidence: 99%

A secure distributed ledger for transactive energy: The Electron Volt Exchange (EVE) blockchain

et al. 2021

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The adoption of blockchain for Transactive Energy has gained significant momentum as it allows mutually non-trusting agents to trade energy services in a trustless energy market. Research to date has assumed that the built-in Byzantine Fault Tolerance in recording transactions in a ledger is sufficient to ensure integrity. Such work must be extended to address security gaps including random bilateral transactions that do not guarantee reliable and efficient market operation, and market participants having incentives to cheat when reporting actual production/consumption figures. Work herein introduces the Electron Volt Exchange framework with the following characteristics: 1) a distributed protocol for pricing and scheduling prosumers' production/consumption while keeping constraints and bids private, and 2) a distributed algorithm to prevent theft that verifies prosumers' compliance to scheduled transactions using information from grid sensors (such as smart meters) and mitigates the impact of false data injection attacks. Flexibility and robustness of the approach are demonstrated through simulation and implementation using Hyperledger Fabric.

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“…Also, an auction mechanism is applied [15] to locally trade the electricity using blockchain leading to several advantages, such as: market-based efficient transactions, minimum losses and computational overhead. The gaps between the P2P electricity exchanges and market mechanisms exist, thus a comparative investigation of bidding policies including game theory and discriminatory and non-discriminatory or uniform price auction mechanisms for trading the electricity at the local level is performed in [16]. In addition, a continuous double auction, that can be implemented for a local ancillary service market [17] to solve imbalances with smart contracts, and a settlement process for decentralized electricity transactions using blockchain are proposed in [18], and its feasibility is proven with a microgrid case study.…”

Section: Literature Reviewmentioning

confidence: 99%

Two Novel Blockchain-Based Market Settlement Mechanisms Embedded Into Smart Contracts for Securely Trading Renewable Energy

2020

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The progress of ICT technologies, day-ahead forecast, home energy management systems, implementation of smart meters, and Distributed Energy Sources (DER) enables new business opportunities for prosumers to locally trade the surplus via blockchain platforms leading to considerable advantages at the community level. The current research handles settlement similar to a centralized market that it is not necessarily the best solution for blockchain. Nonetheless, the settlement is essential as sellers and buyers perceive the attractiveness of the local trading through the market results. In this paper, we propose two novel and efficient settlement mechanisms (Global Balancing Settlement GBS and Splitting Settlement SS) for Peer-to-Peer (P2P) electricity exchange enhancing the performance of the classic Pairwise Settlement PS. These will be written as stored procedures embedded into the smart contracts along with auctioning procedures. The simulations are performed using a small residential community with 30% of the electricity that can be locally traded to lower the bills and unstress the public grid. The performance of the two proposed settlement methods is proved by the 14 scenarios that thoroughly indicate that GBS and SS provide better results for both sellers and buyers than PS. In the reference scenario, with GBS, sellers have the highest encashments with almost 4% more, whereas buyers encounter the lowest payments with almost 5% less than in case of the classic settlement. Starting from reference scenario, alternative scenarios are envisioned to extend the analyses and assess the performance of the settlement mechanisms. The highest gain is recorded with GBS mechanism: almost 8.8% for sellers and 6.5% for buyers. Another interesting outcome is that GBS is providing better results than SS. When deviations are small, SS provides almost 6% gain for both sellers and buyers, but when they increase, the gain is exceedingly small or none.

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Comparative analysis of auction mechanisms and bidding strategies for P2P solar transactive energy markets

Cited by 131 publications

References 106 publications

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

A secure distributed ledger for transactive energy: The Electron Volt Exchange (EVE) blockchain

Two Novel Blockchain-Based Market Settlement Mechanisms Embedded Into Smart Contracts for Securely Trading Renewable Energy

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