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Day‐ahead continuous double auction‐based peer‐to‐peer energy trading platform incorporating trading losses and network utilisation fee
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Day‐ahead continuous double auction‐based peer‐to‐peer energy trading platform incorporating trading losses and network utilisation fee
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Journal Article
Day‐ahead continuous double auction‐based peer‐to‐peer energy trading platform incorporating trading losses and network utilisation fee
2023
Overview
Integration of distributed energy resources, such as photovoltaic solar (PV), introduces new opportunities to establish local energy market frameworks to improve renewable energy utilisation in residential sectors. Such peer‐to‐peer (P2P) energy trading refers to a local market structure where customers (and prosumers) interact to share excess PV generation to enhance the individual and community social welfare. In this work, a day‐ahead continuous double auction (CDA)‐based P2P market structure considering network losses and network utilisation fees was designed. Day‐ahead PV energy is modelled using fractional integral polynomials and the output is forecasted using an autoregressive integrated moving average model for each market interval. Based on the customer load and excess PV energy, the CDA market is cleared using a bid/ask matching mechanism. The performance of the P2P market was evaluated by computing different welfare metrics while analysing the effect of network constraints. The results show that the designed CDA‐based P2P market structure increases the social welfare of all participants by an average of 17.75% compared to the baseline for the presented cases. Moreover, the impact of the forecasting error between the day‐ahead and real‐time market was also quantified. This article presents a modified continuous double auction‐based peer‐to‐peer trading market structure incorporating the network constraints. The proposed market framework has been evaluated for different practical test scenarios to evaluate the performance of the market under the varying real‐time parameters. The manuscript contributes to develop a practical energy trading platform where different residential customers can interact autonomously to enhance their welfare.
Publisher
John Wiley & Sons, Inc,Institution of Engineering and Technology (IET),Wiley
