An electric power trading framework for smart residential community in smart cities. Issue 2 (11th November 2019)

• Record Type: Journal Article
• Authors: Hanumantha Rao, Bokkisam; Arun, Saravana Loganathan; Selvan, Manickavasagam Parvathy
• Is Part Of: IET smart cities. Volume 1:Issue 2(2019)
• Page Start: 40
• Page End: 51
• Publication Date: 2019-11-11
• Subjects: energy management systems -- smart power grids -- power markets -- peer‐to‐peer computing -- pricing; electric power trading framework -- smart residential community -- smart cities -- smart grid paradigm -- peer‐to‐peer power trading -- power system network -- distributed energy resources -- residential locality -- multiagent‐based framework -- P2P power trading -- locality electricity market -- LEM -- self‐interested smart residential prosumers -- profitable market prices -- prosumer act -- day‐ahead market -- internal market prices -- market‐clearing mechanisms -- bill sharing -- mid‐market rate -- residential energy management -- trading system -- locality electricity bill; B8110B Power system management, operation and economics -- C7410B Power engineering computing -- C6190J Internet software; Smart cities -- Periodicals; City planning -- Technological innovations -- Periodicals; Cities and towns -- Growth -- Periodicals; Sustainable urban development -- Periodicals; Sustainable development; City planning -- Technological innovations; Cities and towns -- Growth; Periodicals; 307.76
• DOI: 10.1049/iet-smc.2019.0055
• Languages: English
• ISSNs: 2631-7680

Abstract

Abstract : This study proposes a multi‐agent‐based framework for Peer‐to‐Peer (P2P) power trading in a locality electricity market (LEM) for self‐interested smart residential prosumers. In LEM, prosumers may sell (buy) their excess generation (demand) at a profitable market prices compared to utility prices to achieve a win–win outcome. In LEM, three agents namely locality electricity trading system (LETS), utility and prosumer act together to achieve P2P power trading in a day‐ahead market. LETS computes the internal market prices employing any one of the market‐clearing mechanisms and broadcasts it to the prosumers. Prosumers optimise the generation‐demand schedule for the next day using residential energy management and trading system to achieve minimum electricity bill. The performance of the proposed framework is validated through different case studies on a residential locality with ten prosumers. The simulation is carried out using MATLAB parallel computation tool box and the load data is collected from the residential locality of National Institute of Technology Tiruchirappalli, India. It is evident from the simulation results that all the participants are economically benefited by P2P power trading. It is also found that the SDR mechanism in P2P outperforms and reduces the locality electricity bill by 27–68% under different operating conditions.