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Six-Segment Strategy for Prosumers’ Financial Benefit Maximization in Local Peer-to-Peer Energy Trading

Author

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  • Pratik Mochi

    (Department of Electrical Engineering, Chandubhai S Patel Institute of Technology (CSPIT), Charotar University of Science and Technology, CHARUSAT Campus, Changa 388421, Gujarat, India)

  • Kartik Pandya

    (Electrical Engineering Department, Parul Institute of Engineering & Technology, Faculty of Engineering & Technology, Parul University, Vadodara 391760, Gujarat, India)

  • Ricardo Faia

    (LASI—Intelligent Systems Associate Laboratory, GECAD—Research Group on Intelligent Engineering and Computing for Advanced Innovation and Development, School of Engineering (ISEP)—Polytechnic of Porto, 4200-072 Porto, Portugal)

  • Joao Soares

    (LASI—Intelligent Systems Associate Laboratory, GECAD—Research Group on Intelligent Engineering and Computing for Advanced Innovation and Development, School of Engineering (ISEP)—Polytechnic of Porto, 4200-072 Porto, Portugal)

Abstract

The notion of prosumers, people who create and consume energy, has emerged in the energy sector as a result of the fast integration of renewable energy sources and advances in digital technology. Platforms for peer-to-peer (P2P) energy trading have come to light as viable ways to allow prosumers to conduct direct energy transactions within small groups. Existing P2P trading models, however, frequently lack an optimized approach to maximize the advantages for prosumers. In this article, we provide a novel six-segment strategy (SSS) that is intended to increase prosumers′ ability to maximize their benefits in P2P energy trading systems. Additionally, the SSS promotes prosumers′ active market engagement by supporting community-driven energy exchanges. Through extensive mathematical modeling, simulations, and case studies, we demonstrate the effectiveness of the six-segment strategy in enhancing the economic benefits of prosumers participating in P2P energy trading. The proposed optimization strategy holds the potential to revolutionize the energy landscape by promoting more sustainable and consumer-centric energy trading. The cost savings of 12.9% are distributed among prosumers by the SSS, which is an improvement compared with previously proposed strategies.

Suggested Citation

  • Pratik Mochi & Kartik Pandya & Ricardo Faia & Joao Soares, 2023. "Six-Segment Strategy for Prosumers’ Financial Benefit Maximization in Local Peer-to-Peer Energy Trading," Mathematics, MDPI, vol. 11(18), pages 1-17, September.
    • Handle: RePEc:gam:jmathe:v:11:y:2023:i:18:p:3933-:d:1241018
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    References listed on IDEAS

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