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 proceedingConference PaperResearchpeer-review

19 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 languageEnglish
Title of host publication2017 IEEE PES Innovative Smart Grid Technologies Conference Europe (ISGT-Europe 2017)
EditorsFilippo Spertino
Place of PublicationPiscataway NJ USA
PublisherIEEE, Institute of Electrical and Electronics Engineers
Pages91-96
Number of pages6
ISBN (Electronic)9781538619537, 9781538619520
ISBN (Print)9781538619544
DOIs
Publication statusPublished - 2017
Externally publishedYes
EventIEEE/PES Innovative Smart Grid Technologies Europe 2017 - Torino, Italy
Duration: 26 Sep 201729 Sep 2017
http://sites.ieee.org/isgt-europe-2017/

Conference

ConferenceIEEE/PES Innovative Smart Grid Technologies Europe 2017
Abbreviated titleISGT EUROPE 2017
CountryItaly
CityTorino
Period26/09/1729/09/17
Internet address

Keywords

  • Battery Energy Storage System
  • Distributed Energy Resource
  • P2P market
  • Transactive Energy

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