Realistic energy commitments in peer-to-peer transactive market with risk adjusted prosumer welfare maximization

Mohan, Vivek; Bu, Siqi; Jisma, M; Rijinlal, V.C.; Thirumala, Karthik; Thomas, Mini S.; Xu, Zhao

doi:10.1016/j.ijepes.2020.106377

Cited by 31 publications

(22 citation statements)

References 33 publications

(34 reference statements)

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“…Smart grids have a focus on providing energy reliably, efficiently, and sustainably. They have empowered customers by helping them to monitor their usage, manage their bills, and reduce energy costs, and minimized the load on utility companies, decreasing burnouts and blackouts and supporting renewable resources [ 18 ]. Some of the factors that make them smart are as follows: Supports renewable power technologies—Unlike traditional grids, the integration of distributed renewable energy was very challenging because of its unpredictable nature.…”

Section: Smart Grid Smart City (Sgsc) Projectmentioning

confidence: 99%

Cluster Analysis and Model Comparison Using Smart Meter Data

Shaukat

Qadir

et al. 2021

Sensors

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Load forecasting plays a crucial role in the world of smart grids. It governs many aspects of the smart grid and smart meter, such as demand response, asset management, investment, and future direction. This paper proposes time-series forecasting for short-term load prediction to unveil the load forecast benefits through different statistical and mathematical models, such as artificial neural networks, auto-regression, and ARIMA. It targets the problem of excessive computational load when dealing with time-series data. It also presents a business case that is used to analyze different clusters to find underlying factors of load consumption and predict the behavior of customers based on different parameters. On evaluating the accuracy of the prediction models, it is observed that ARIMA models with the (P, D, Q) values as (1, 1, 1) were most accurate compared to other values.

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Section: Smart Grid Smart City (Sgsc) Projectmentioning

confidence: 99%

Cluster Analysis and Model Comparison Using Smart Meter Data

Shaukat

Qadir

et al. 2021

Sensors

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“…The hourly results for the market and the daily quantities traded by the prosumers and the consumers care summarized, in the same manner as for the previous market tiers, in rem. MO 0.38 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.74 0.00 0.00 0.00 1.20 The results from Tables [19][20][21][22] show that the tariff-access consumers are able to acquire 7.67 kWh for the FCFS primary market trading priority, exclusively from prosumer surplus. 21.28 kWh are bought for the MO trading priority method, mainly from consumer surplus, as it can be seen in Table 21.…”

Section: The Secondary Market -The Commercial Tariff Access Tiermentioning

confidence: 92%

“…Recent studies have considered combining the operation of small-scale renewable energy sources (SSRES) in distribution networks and deregulated electricity markets. The range of these researches is covering unit commitment [19] and economic dispatch problems [20] in addition to scheduling of SSRES [21], and the uncertainty of renewable generation [22]. The main trends and approaches currently described in the literature are shortly summarized in the following paragraphs.…”

Section: Literature Reviewmentioning

confidence: 99%

“…From the 27 consumers existing in the microgrid, the case study considers that only 11 are participating in the primary market as buyers (from buses 5, 8, 9,11,12,14,16,19,20,24,26), chosen mainly between the residences with high daily electricity demand. For each hour h, they can submit to the market two type of offers regarding the traded quantity: the entire hourly demand and forecasted values, multiple of 100 kW, as discussed in Section 3.2.…”

Section: The Primary Marketmentioning

confidence: 99%

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New Methods for Improved Prosumer Trading and Energy Poverty Mitigation in Microgrids using Crowdsourcing Concepts and Blockchain Technologies

Neagu¹,

Ivanov²,

Grigoraș³

et al. 2020

Preprint

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The deregulated markets have replaced the traditional way of trading electricity from the producers to the consumer, via government-owned organizations and regulated tariffs. Nowadays, electricity prices are determined by the offer-demand mechanism and consumers can negotiate tariffs with their supplier of choice. For classic wholesale suppliers, the tariffs are a result of the transactions performed on the wholesale market and the energy mix available in certain geographical regions. In parallel with becoming eligible and participating in retail electricity markets, the consumers use increasingly local generation sources based mostly on renewable energy technologies such as PV panels, and become prosumers. They want to be able to sell back to the market the generation surplus, in order to obtain the maximum benefits from their initial investment. Currently, several trading mechanisms for prosumers are available, ranging from the simplest, selling back the surplus to an aggregator at fixed tariffs, to more complex market schemes. This paper proposed a two-tier local market model for prosumers and consumers connected in microgrids, based on the blockchain technologies and other technologies and concepts such as remote sensing, smart grids, crowdsourcing and energy poverty.

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“…Recent studies have considered combining the operation of small-scale renewable energy sources (SSRES) in distribution networks and deregulated electricity markets. The range of these studies is covering unit commitment [19] and economic dispatch problems [20], in addition to scheduling of SSRES [21], and the uncertainty of renewable generation [22]. The main trends and approaches currently described in the literature are briefly summarized in the following paragraphs.…”

Section: Literature Reviewmentioning

confidence: 99%

New Market Model with Social and Commercial Tiers for Improved Prosumer Trading in Microgrids

et al. 2020

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In the deregulated electricity markets, trading prices are determined by the offer-demand mechanism, and retail consumers can negotiate tariffs with their supplier of choice. For classic wholesale suppliers, the tariffs are determined by the prices of transactions performed on the wholesale market. In parallel with becoming eligible for participating in the market, the consumers use increasingly local generation sources based mostly on renewable electricity generation equipment such as Photovoltaic (PV) panels, and become prosumers. They want to be able to sell back to the market the generation surplus, in order to obtain the maximum benefits from their initial investment. This paper proposes a two-tier local market model oriented for prosumers and consumers connected in microgrids, based on the blockchain technologies and other technologies and concepts such as smart grids, crowdsourcing and energy poverty. Its goals are to improve the possibilities of local prosumers to sell electricity to local consumers and to increase their profitability, compared to the trading model often used in developing markets, of selling the surplus back to the grid via aggregators. The research aims to contribute to the sustainable development of the electricity sector using new and renewable sources of energy, state-of the art technologies and smart contracts, leading to prosumer proliferation and electricity cost reduction for consumers.

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Realistic energy commitments in peer-to-peer transactive market with risk adjusted prosumer welfare maximization

Cited by 31 publications

References 33 publications

Cluster Analysis and Model Comparison Using Smart Meter Data

Cluster Analysis and Model Comparison Using Smart Meter Data

New Methods for Improved Prosumer Trading and Energy Poverty Mitigation in Microgrids using Crowdsourcing Concepts and Blockchain Technologies

New Market Model with Social and Commercial Tiers for Improved Prosumer Trading in Microgrids

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