Optimal Prosumer Operation with Consideration for Bounded Rationality in Peer-to-Peer Energy Trading Systems

Jianhong Hao, Ting Huang, Yi Sun (), Xiangpeng Zhan, Yu Zhang and Peng Wu
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Jianhong Hao: School of Electrical and Electronic Engineering, North China Electric Power University, Beijing 102206, China
Ting Huang: School of Electrical and Electronic Engineering, North China Electric Power University, Beijing 102206, China
Yi Sun: School of Electrical and Electronic Engineering, North China Electric Power University, Beijing 102206, China
Xiangpeng Zhan: Marketing Service Center, State Grid Fujian Electric Power Co., Ltd., Xiamen 361006, China
Yu Zhang: State Grid Energy Research Institute Co., Ltd., Beijing 100083, China
Peng Wu: State Grid Energy Research Institute Co., Ltd., Beijing 100083, China

Energies, 2024, vol. 17, issue 7, 1-22

Abstract: With the large-scale development of distributed energy on the demand side, the trend of “supply exceeding demand” has gradually become prominent, and regional peer-to-peer (P2P) energy trading has become an important measure to improve the local consumption of distributed energy. However, most existing studies usually assume that prosumers behave entirely rationally with the goal of maximum benefit, which has been proved to deviate from the observed actual behaviors. Aiming at the optimal energy of prosumers participating in the P2P market, a prospect theory-based two-stage stochastic optimization model considering the bounded rationality was proposed to accurately simulate the decision-making behavior. Then, a benefit maximization model for the energy trading service provider (ETSP) was constructed considering the power flow constraint to ensure the safe operation of the system. Finally, an improved R-ADMM algorithm considering timeout was proposed to solve the above model and improve the convergence speed. The effectiveness of the proposed model and algorithm was verified via simulation.

Keywords: prosumer; prospect theory; random optimization; P2P energy trading (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: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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