Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm

Mohsen Khorasany; Yateendra Mishra; Gerard Ledwich

doi:10.1109/ISGTEurope.2017.8260107

Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm

Mohsen Khorasany, Yateendra Mishra, Gerard Ledwich

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

62 Citations (Scopus)

Abstract

Rapid uptake of distributed energy resources (DER) requires a new market platform for their active participation to manage energy balance locally. This paper proposes a new Peer to Peer (P2P) market in transactive energy (TE) framework for trading energy among distributed residential prosumers. P2P market is used to enable DERs to trade energy in a distribution network. DERs in the form of residential prosumers decide to buy and/or sell energy to/from other prosumers through an auction. A knapsack approximation algorithm is proposed and the mechanism of market clearing is presented to maximize the economic surplus for a given DER owner in the auction. Residential prosumers, if acting as a seller, use a Battery Energy Storage System (BESS) for storing renewable energy and evaluate the amount of energy that can be appropriately bid in a given time interval. Numerical results depict that using the proposed framework increases the economic surplus of DER owners in the market.

Original language	English
Title of host publication	2017 IEEE PES Innovative Smart Grid Technologies Conference Europe (ISGT-Europe 2017)
Editors	Filippo Spertino
Place of Publication	Piscataway NJ USA
Publisher	IEEE, Institute of Electrical and Electronics Engineers
Pages	91-96
Number of pages	6
ISBN (Electronic)	9781538619537, 9781538619520
ISBN (Print)	9781538619544
DOIs	https://doi.org/10.1109/ISGTEurope.2017.8260107
Publication status	Published - 2017
Externally published	Yes
Event	IEEE/PES Innovative Smart Grid Technologies Europe 2017 - Torino, Italy Duration: 26 Sept 2017 → 29 Sept 2017 Conference number: 6th http://sites.ieee.org/isgt-europe-2017/ https://ieeexplore.ieee.org/xpl/conhome/8246021/proceeding (Proceedings)

Conference

Conference	IEEE/PES Innovative Smart Grid Technologies Europe 2017
Abbreviated title	ISGT Europe 2017
Country/Territory	Italy
City	Torino
Period	26/09/17 → 29/09/17
Internet address	http://sites.ieee.org/isgt-europe-2017/ https://ieeexplore.ieee.org/xpl/conhome/8246021/proceeding (Proceedings)

Keywords

Battery Energy Storage System
Distributed Energy Resource
P2P market
Transactive Energy

UN SDGs

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

Access to Document

10.1109/ISGTEurope.2017.8260107

Cite this

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title = "Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm",

abstract = "Rapid uptake of distributed energy resources (DER) requires a new market platform for their active participation to manage energy balance locally. This paper proposes a new Peer to Peer (P2P) market in transactive energy (TE) framework for trading energy among distributed residential prosumers. P2P market is used to enable DERs to trade energy in a distribution network. DERs in the form of residential prosumers decide to buy and/or sell energy to/from other prosumers through an auction. A knapsack approximation algorithm is proposed and the mechanism of market clearing is presented to maximize the economic surplus for a given DER owner in the auction. Residential prosumers, if acting as a seller, use a Battery Energy Storage System (BESS) for storing renewable energy and evaluate the amount of energy that can be appropriately bid in a given time interval. Numerical results depict that using the proposed framework increases the economic surplus of DER owners in the market.",

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address = "United States of America",

note = "IEEE/PES Innovative Smart Grid Technologies Europe 2017, ISGT Europe 2017 ; Conference date: 26-09-2017 Through 29-09-2017",

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Khorasany, M, Mishra, Y & Ledwich, G 2017, Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm. in F Spertino (ed.), 2017 IEEE PES Innovative Smart Grid Technologies Conference Europe (ISGT-Europe 2017). IEEE, Institute of Electrical and Electronics Engineers, Piscataway NJ USA, pp. 91-96, IEEE/PES Innovative Smart Grid Technologies Europe 2017, Torino, Italy, 26/09/17. https://doi.org/10.1109/ISGTEurope.2017.8260107

Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm. / Khorasany, Mohsen; Mishra, Yateendra; Ledwich, Gerard.
2017 IEEE PES Innovative Smart Grid Technologies Conference Europe (ISGT-Europe 2017). ed. / Filippo Spertino. Piscataway NJ USA: IEEE, Institute of Electrical and Electronics Engineers, 2017. p. 91-96.

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

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T1 - Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm

AU - Khorasany, Mohsen

AU - Mishra, Yateendra

AU - Ledwich, Gerard

N1 - Conference code: 6th

PY - 2017

Y1 - 2017

N2 - Rapid uptake of distributed energy resources (DER) requires a new market platform for their active participation to manage energy balance locally. This paper proposes a new Peer to Peer (P2P) market in transactive energy (TE) framework for trading energy among distributed residential prosumers. P2P market is used to enable DERs to trade energy in a distribution network. DERs in the form of residential prosumers decide to buy and/or sell energy to/from other prosumers through an auction. A knapsack approximation algorithm is proposed and the mechanism of market clearing is presented to maximize the economic surplus for a given DER owner in the auction. Residential prosumers, if acting as a seller, use a Battery Energy Storage System (BESS) for storing renewable energy and evaluate the amount of energy that can be appropriately bid in a given time interval. Numerical results depict that using the proposed framework increases the economic surplus of DER owners in the market.

AB - Rapid uptake of distributed energy resources (DER) requires a new market platform for their active participation to manage energy balance locally. This paper proposes a new Peer to Peer (P2P) market in transactive energy (TE) framework for trading energy among distributed residential prosumers. P2P market is used to enable DERs to trade energy in a distribution network. DERs in the form of residential prosumers decide to buy and/or sell energy to/from other prosumers through an auction. A knapsack approximation algorithm is proposed and the mechanism of market clearing is presented to maximize the economic surplus for a given DER owner in the auction. Residential prosumers, if acting as a seller, use a Battery Energy Storage System (BESS) for storing renewable energy and evaluate the amount of energy that can be appropriately bid in a given time interval. Numerical results depict that using the proposed framework increases the economic surplus of DER owners in the market.

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KW - Distributed Energy Resource

KW - P2P market

KW - Transactive Energy

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DO - 10.1109/ISGTEurope.2017.8260107

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BT - 2017 IEEE PES Innovative Smart Grid Technologies Conference Europe (ISGT-Europe 2017)

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PB - IEEE, Institute of Electrical and Electronics Engineers

CY - Piscataway NJ USA

T2 - IEEE/PES Innovative Smart Grid Technologies Europe 2017

Y2 - 26 September 2017 through 29 September 2017

ER -

Peer-to-peer market clearing framework for DERs using knapsack approximation algorithm

Abstract

Conference

Keywords

UN SDGs

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