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

Arun S. Loganathan, Vijayapriya Ramachandran, Angalaeswari Sendraya Perumal, Seshathiri Dhanasekaran (), Natrayan Lakshmaiya and Prabhu Paramasivam
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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

Energies, 2022, vol. 16, issue 1, 1-16

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.

Keywords: locality energy market; market-clearing strategies; peer-to-peer energy market; renewable energy resources; transactive energy management systems (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: 2022
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