A fair Peer-to-Peer Electricity Market model for Residential Prosumers

Aitazaz Ali Raja; Sergio Grammatico

doi:10.1109/ISGTEurope52324.2021.9640195

A fair Peer-to-Peer Electricity Market model for Residential Prosumers

Research output: Chapter in Book/Conference proceedings/Edited volume › Conference contribution › Scientific › peer-review

Abstract

In this paper, we propose a bilateral peer-to-peer (P2P) energy trading scheme for residential prosumers with a simplified entry to the market. We formulate the market as an assignment game, a special class of coalitional games. For solving the resulting decision problem, we design a bilateral negotiation mechanism that enables matched buyer-seller pairs to reach a consensus on a set of 'stable' and 'fair' trading contracts. The proposed negotiation process can be executed on possibly time-varying communication networks with virtually minimal information requirements that in turn preserves privacy among prosumers. Numerical simulations illustrate the beneficial features of our P2P market model and negotiation protocol.

Original language	English
Title of host publication	Proceedings of 2021 IEEE PES Innovative Smart Grid Technologies Europe
Subtitle of host publication	Smart Grids: Toward a Carbon-Free Future, ISGT Europe 2021
Publisher	IEEE
Number of pages	5
ISBN (Electronic)	978-1-6654-4875-8
DOIs	https://doi.org/10.1109/ISGTEurope52324.2021.9640195
Publication status	Published - 2021
Event	11th IEEE PES Innovative Smart Grid Technologies Europe, ISGT Europe 2021 - Espoo, Finland Duration: 18 Oct 2021 → 21 Oct 2021

Conference

Conference	11th IEEE PES Innovative Smart Grid Technologies Europe, ISGT Europe 2021
Country/Territory	Finland
City	Espoo
Period	18/10/21 → 21/10/21

Keywords

electricity markets
Peer-to-peer energy trading
renewable energy integration

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/ISGTEurope52324.2021.9640195

Cite this

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title = "A fair Peer-to-Peer Electricity Market model for Residential Prosumers",

abstract = "In this paper, we propose a bilateral peer-to-peer (P2P) energy trading scheme for residential prosumers with a simplified entry to the market. We formulate the market as an assignment game, a special class of coalitional games. For solving the resulting decision problem, we design a bilateral negotiation mechanism that enables matched buyer-seller pairs to reach a consensus on a set of 'stable' and 'fair' trading contracts. The proposed negotiation process can be executed on possibly time-varying communication networks with virtually minimal information requirements that in turn preserves privacy among prosumers. Numerical simulations illustrate the beneficial features of our P2P market model and negotiation protocol.",

keywords = "electricity markets, Peer-to-peer energy trading, renewable energy integration",

author = "Raja, {Aitazaz Ali} and Sergio Grammatico",

year = "2021",

doi = "10.1109/ISGTEurope52324.2021.9640195",

language = "English",

booktitle = "Proceedings of 2021 IEEE PES Innovative Smart Grid Technologies Europe",

publisher = "IEEE",

address = "United States",

note = "11th IEEE PES Innovative Smart Grid Technologies Europe, ISGT Europe 2021 ; Conference date: 18-10-2021 Through 21-10-2021",

}

Raja, AA & Grammatico, S 2021, A fair Peer-to-Peer Electricity Market model for Residential Prosumers. in Proceedings of 2021 IEEE PES Innovative Smart Grid Technologies Europe: Smart Grids: Toward a Carbon-Free Future, ISGT Europe 2021. IEEE, 11th IEEE PES Innovative Smart Grid Technologies Europe, ISGT Europe 2021, Espoo, Finland, 18/10/21. https://doi.org/10.1109/ISGTEurope52324.2021.9640195

A fair Peer-to-Peer Electricity Market model for Residential Prosumers. / Raja, Aitazaz Ali; Grammatico, Sergio.
Proceedings of 2021 IEEE PES Innovative Smart Grid Technologies Europe: Smart Grids: Toward a Carbon-Free Future, ISGT Europe 2021. IEEE, 2021.

Research output: Chapter in Book/Conference proceedings/Edited volume › Conference contribution › Scientific › peer-review

TY - GEN

T1 - A fair Peer-to-Peer Electricity Market model for Residential Prosumers

AU - Raja, Aitazaz Ali

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N2 - In this paper, we propose a bilateral peer-to-peer (P2P) energy trading scheme for residential prosumers with a simplified entry to the market. We formulate the market as an assignment game, a special class of coalitional games. For solving the resulting decision problem, we design a bilateral negotiation mechanism that enables matched buyer-seller pairs to reach a consensus on a set of 'stable' and 'fair' trading contracts. The proposed negotiation process can be executed on possibly time-varying communication networks with virtually minimal information requirements that in turn preserves privacy among prosumers. Numerical simulations illustrate the beneficial features of our P2P market model and negotiation protocol.

AB - In this paper, we propose a bilateral peer-to-peer (P2P) energy trading scheme for residential prosumers with a simplified entry to the market. We formulate the market as an assignment game, a special class of coalitional games. For solving the resulting decision problem, we design a bilateral negotiation mechanism that enables matched buyer-seller pairs to reach a consensus on a set of 'stable' and 'fair' trading contracts. The proposed negotiation process can be executed on possibly time-varying communication networks with virtually minimal information requirements that in turn preserves privacy among prosumers. Numerical simulations illustrate the beneficial features of our P2P market model and negotiation protocol.

KW - electricity markets

KW - Peer-to-peer energy trading

KW - renewable energy integration

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M3 - Conference contribution

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BT - Proceedings of 2021 IEEE PES Innovative Smart Grid Technologies Europe

PB - IEEE

T2 - 11th IEEE PES Innovative Smart Grid Technologies Europe, ISGT Europe 2021

Y2 - 18 October 2021 through 21 October 2021

ER -

A fair Peer-to-Peer Electricity Market model for Residential Prosumers

Abstract

Conference

Keywords

UN SDGs

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