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Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study

Author

Listed:
  • Mohsen Khorasany

    (Department of Electrical and Computer Systems Engineering, Monash University, Clayton VIC 3800, Australia)

  • Donald Azuatalam

    (Faculty of Information Technology, Monash University, Caulfield East VIC 3145, Australia)

  • Robert Glasgow

    (Monash eResearch Centre, Monash University, Clayton VIC 3800, Australia)

  • Ariel Liebman

    (Faculty of Information Technology, Monash University, Caulfield East VIC 3145, Australia)

  • Reza Razzaghi

    (Department of Electrical and Computer Systems Engineering, Monash University, Clayton VIC 3800, Australia)

Abstract

Transactive energy is a novel approach for energy management and trading, which can be used in microgrids to facilitate the integration of distributed energy resources (DERs) in existing networks. The key feature in transactive energy is using market-based solutions for energy management. Hence, an appropriate transactive energy market (TEM) framework should be designed to enable and incentivize DER owners to participate in different markets. The efficient implementation of TEM for microgrid energy management encompasses the application of a variety of design principles. In this rapidly developing area, this paper presents a complete proposal of the TEM as a framework for the design, implementation, and deployment of transactive energy solutions for energy management in microgrids. In particular, we outline the requirements to design an effective market mechanism for the TEM. The applicability of this perspective is demonstrated through the introduction of the Monash Microgrid as a real-world implementation of a TEM solution, where a complete hardware and software foundation is presented as a platform to deploy a market-based solution for microgrid energy management. This is further illustrated through an example scenario, where the application of TEM is discussed to demonstrate the impact of considered design choices on achieving desired objectives.

Suggested Citation

  • Mohsen Khorasany & Donald Azuatalam & Robert Glasgow & Ariel Liebman & Reza Razzaghi, 2020. "Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study," Energies, MDPI, vol. 13(8), pages 1-23, April.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:8:p:2010-:d:347178
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    References listed on IDEAS

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    10. Nizami, Sohrab & Tushar, Wayes & Hossain, M.J. & Yuen, Chau & Saha, Tapan & Poor, H. Vincent, 2022. "Transactive energy for low voltage residential networks: A review," Applied Energy, Elsevier, vol. 323(C).
    11. Rodrigues, Stefane Dias & Garcia, Vinicius Jacques, 2023. "Transactive energy in microgrid communities: A systematic review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 171(C).
    12. Rafael Ninno Muniz & Stéfano Frizzo Stefenon & William Gouvêa Buratto & Ademir Nied & Luiz Henrique Meyer & Erlon Cristian Finardi & Ricardo Marino Kühl & José Alberto Silva de Sá & Brigida Ramati Per, 2020. "Tools for Measuring Energy Sustainability: A Comparative Review," Energies, MDPI, vol. 13(9), pages 1-27, May.
    13. Darren Sharp & Rob Raven, 2021. "Urban Planning by Experiment at Precinct Scale: Embracing Complexity, Ambiguity, and Multiplicity," Urban Planning, Cogitatio Press, vol. 6(1), pages 195-207.
    14. Isaías Gomes & Rui Melicio & Victor M. F. Mendes, 2021. "Assessing the Value of Demand Response in Microgrids," Sustainability, MDPI, vol. 13(11), pages 1-16, May.
    15. Pedro Faria & Zita Vale, 2022. "Realistic Load Modeling for Efficient Consumption Management Using Real-Time Simulation and Power Hardware-in-the-Loop," Energies, MDPI, vol. 16(1), pages 1-15, December.
    16. Younes Zahraoui & Ibrahim Alhamrouni & Saad Mekhilef & M. Reyasudin Basir Khan & Mehdi Seyedmahmoudian & Alex Stojcevski & Ben Horan, 2021. "Energy Management System in Microgrids: A Comprehensive Review," Sustainability, MDPI, vol. 13(19), pages 1-33, September.
    17. Younes Zahraoui & Tarmo Korõtko & Argo Rosin & Hannes Agabus, 2023. "Market Mechanisms and Trading in Microgrid Local Electricity Markets: A Comprehensive Review," Energies, MDPI, vol. 16(5), pages 1-52, February.
    18. Fábio Retorta & João Aguiar & Igor Rezende & José Villar & Bernardo Silva, 2020. "Local Market for TSO and DSO Reactive Power Provision Using DSO Grid Resources," Energies, MDPI, vol. 13(13), pages 1-19, July.
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    20. Alizadeh, Ali & Kamwa, Innocent & Moeini, Ali & Mohseni-Bonab, Seyed Masoud, 2023. "Energy management in microgrids using transactive energy control concept under high penetration of Renewables; A survey and case study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 176(C).

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