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

• Published in: Energies (Basel) Vol. 16; no. 1; p. 6
• Main Authors: Loganathan, Arun S., Ramachandran, Vijayapriya, Perumal, Angalaeswari Sendraya, Dhanasekaran, Seshathiri, Lakshmaiya, Natrayan, Paramasivam, Prabhu
• Format: Journal Article
• Language: English
• Published: Basel MDPI AG 01.01.2023; MDPI
• Subjects: Analysis; Automation; Blockchain; Consumers; Demand; Electricity; Energy; Energy consumption; Energy industry; Energy management; Energy prices; Energy resources; Energy storage; Energy trading; International trade; locality energy market; market-clearing strategies; Payback periods; Peer to peer computing; peer-to-peer energy market; Power; Profits; renewable energy resources; Residential location; Technology application; transactive energy management systems; India
• ISSN: 1996-1073; 1996-1073
• DOI: 10.3390/en16010006

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.