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

Mohsen Khorasany, Donald Azuatalam, Robert Glasgow, Ariel Liebman and Reza Razzaghi
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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
Reza Razzaghi: Department of Electrical and Computer Systems Engineering, Monash University, Clayton VIC 3800, Australia

Energies, 2020, vol. 13, issue 8, 1-23

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.

Keywords: distributed energy resources; renewable energy; transactive energy; microgrid energy market; demand response; flexibility market; local markets; energy management (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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