Concept and design of a Real Time Walrasian Local Electricity Market

This paper proposes a real time Walrasian based market design for local electricity trading, considering the roles of the different players, the settlement procedures, and the necessary balance responsibilities with the wholesale market under collective self-consumption rules. A Walrasian mechanism...

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Bibliographic Details
Published in2022 18th International Conference on the European Energy Market (EEM) pp. 1 - 5
Main Authors Mello, Joao, Villar, Jose, Saraiva, Joao T.
Format Conference Proceeding
LanguageEnglish
Published IEEE 13.09.2022
Subjects
Europe
Local Electricity Market
Numerical models
Power markets
Proposals
Real-time systems
Regulation
Self-consumption
Uncertainty
Walrasian Auctions
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Summary:This paper proposes a real time Walrasian based market design for local electricity trading, considering the roles of the different players, the settlement procedures, and the necessary balance responsibilities with the wholesale market under collective self-consumption rules. A Walrasian mechanism based on consecutive auctions for very short delivery periods is proposed, where the auctioneer defines a price for each of these delivery periods to which peers react by generating and consuming accordingly and informing if they trade with the auctioneer or with their retailer or aggregator. This market has no energy purchase contracts, and energy is billed based on each peer's generation or consumption for each delivery period with the price defined by the auctioneer.
ISSN:2165-4093
DOI:10.1109/EEM54602.2022.9921082