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

Author

Listed:
  • Arun S. Loganathan

    (School of Electrical Engineering, Vellore Institute of Technology, Vellore 632014, India)

  • Vijayapriya Ramachandran

    (School of Electrical Engineering, Vellore Institute of Technology, Chennai 600127, India)

  • Angalaeswari Sendraya Perumal

    (School of Electrical Engineering, Vellore Institute of Technology, Chennai 600127, India)

  • Seshathiri Dhanasekaran

    (Department of Computer Science, UiT The Arctic University of Norway, 9037 Tromsø, Norway)

  • Natrayan Lakshmaiya

    (Department of Mechanical Engineering, Saveetha School of Engineering, SIMATS, Chennai 602105, India)

  • Prabhu Paramasivam

    (Department of Mechanical Engineering, College of Engineering and Technology, Mattu University, Metu 318, Ethiopia)

Abstract

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.

Suggested Citation

  • Arun S. Loganathan & Vijayapriya Ramachandran & Angalaeswari Sendraya Perumal & Seshathiri Dhanasekaran & Natrayan Lakshmaiya & Prabhu Paramasivam, 2022. "Framework of Transactive Energy Market Strategies for Lucrative Peer-to-Peer Energy Transactions," Energies, MDPI, vol. 16(1), pages 1-16, December.
    • Handle: RePEc:gam:jeners:v:16:y:2022:i:1:p:6-:d:1008721
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    References listed on IDEAS

    as
    1. James Nicolaisen & Valentin Petrov & Leigh Tesfatsion, 2000. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Computational Economics 0004005, University Library of Munich, Germany.
    2. Juhar Abdella & Khaled Shuaib, 2018. "Peer to Peer Distributed Energy Trading in Smart Grids: A Survey," Energies, MDPI, vol. 11(6), pages 1-22, June.
    3. Vijayapriya Ramachandran & Angalaeswari Sendraya Perumal & Natrayan Lakshmaiya & Prabhu Paramasivam & Seshathiri Dhanasekaran, 2022. "Unified Power Control of Permanent Magnet Synchronous Generator Based Wind Power System with Ancillary Support during Grid Faults," Energies, MDPI, vol. 15(19), pages 1-15, October.
    4. Arul Rajagopalan & Karthik Nagarajan & Oscar Danilo Montoya & Seshathiri Dhanasekaran & Inayathullah Abdul Kareem & Angalaeswari Sendraya Perumal & Natrayan Lakshmaiya & Prabhu Paramasivam, 2022. "Multi-Objective Optimal Scheduling of a Microgrid Using Oppositional Gradient-Based Grey Wolf Optimizer," Energies, MDPI, vol. 15(23), pages 1-24, November.
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