A Motivational Game-Theoretic Approach for Peer-to-Peer Energy Trading in the Smart Grid

Tushar, Wayes; Saha, Tapan Kumar; Yuen, Chau; Morstyn, Thomas; McCulloch, Malcolm; Poor, H. Vincent; Wood, Kristin L.

doi:10.46855/2020.06.30.15.16.551968

Cited by 32 publications

(70 citation statements)

References 49 publications

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“…Encouragement of participation E [47], [48], [72] Maintaining trust is a constant process that requires adequate data security and involvement in such E [55], [72], [80] Entrance barriers might be too high for voluntary participants E [88] Dealing with conflicting stakeholder interests, expectations and preferences…”

Section: D Ementioning

confidence: 99%

“…The main system design challenge in local electricity markets is to develop schemes and business models that encourage participants to contribute and trade energy with one another [47], [48], [72]. In order to motivate people to participate in a local energy trading paradigm, various social and behavioral aspects must be taken into account.…”

Section: E Social Aspectsmentioning

confidence: 99%

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Developments and Challenges in Local Electricity Markets: A Comprehensive Review

et al. 2021

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In recent years, power systems have undergone changes in technology and definition of the associated stakeholders. With the increase in distributed renewable generation and small-to medium-sized consumers starting to actively participate on the supply side, a suitable incorporation of decentralized agents into the power system is required. A promising scheme to support this shift is given by local electricity markets. These provide an opportunity to extend the liberal wholesale markets for electrical power found in Europe and the United States to the communal level. Compared to these more established markets, local electricity markets, however, neither have few practical implementations nor standardized frameworks. In order to fill this research gap and classify the types of local electricity markets, the presented paper therefore starts with the challenges that these markets attempt to solve. This is then extended to an analysis of the theoretical and practical background with a focus on these derived challenges. The theoretical background is provided in the form of an introduction to state-of-the-art models and the associated literature, whereas the practical background is provided in form of a summary of ongoing and recent projects on local electricity markets. As a result, this paper presents a foundation for future research and projects attempting to approach the here presented challenges in distribution of generation, integration of demand response, decentralization of markets and legal and social issues via local electricity markets.

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Section: D Ementioning

confidence: 99%

Section: E Social Aspectsmentioning

confidence: 99%

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

et al. 2021

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“…Game theory attempts to abstract out elements that are common to many conflicting and(or) cooperative encounters and analyse them mathematically [12]. A cooperative game focuses on how one can provide incentives to independent decision-makers so that they act together as one entity to improve their position (or utility) in the game [5].…”

Section: Literature Reviewmentioning

confidence: 99%

“…We have explored HCF in [4], P2P energy trading using game theory in ( [5], [13]), robust coalition structure generation in [6], coalitional games to fulfill group efficient solutions in [7], cooperative strategy-based coalition formation in [8] and generic approach to coalition formation in [9] to review and advance state of the art of coalition formation.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Cooperative game theory involves three stages of cooperative action, coalition formation(i.e., agreement of who will work together), team formation (i.e., agreement of who does which task with which resources), and coordinated, cooperative action (i.e., agreement on how to dynamically coordinate) [3]. We have explored the literature in detail essentially HCF in [4], P2P energy trading using a gametheoretic approach in [5], robust coalition structure generation in [6], coalitional games to fulfill group efficient solutions in [7], cooperative strategy-based coalition formation in [8], and generic approach to coalition formation in [9]. However, finding the optimal set of prosumers with energy surplus for a prosumer with energy need is a challenge which is not yet duly addressed in literature considering the unreliability of energy sources and constraints in the local community.…”

Section: Introductionmentioning

confidence: 99%

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Renewable Energy Integration through Coalition Formation for P2P Energy Trading

Bandara

Thakur

Breslin

2020

2020 IEEE 3rd International Conference on Renewable Energy and Power Engineering (REPE)

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Renewable energy sources are highly unreliable; hence prosumers connected to renewable energy sources find unreliable energy surplus and demands which should be managed frequently within neighbourhoods. Peer-to-peer(P2P) energy trading has emerged as the next-generation energy management mechanism to manage unreliability concerns within local communities. This process needs a prosumer with energy demand to join with a set of prosumers with energy surpluses to fulfil the energy need. Finding the optimal set of prosumers with energy surpluses is a challenge that is not yet duly addressed in literature considering the unreliability of energy sources and constraints in local communities. This paper presents a game-theoretic approach, applies coalition formation game theory supported by a clustering-based approach and solves an optimisation problem to find optimal coalitions. The optimal coalitions are the winning coalitions found from our coalition formation game. This game considers frequent change of energy surpluses and demands, distance to prosumers, the quantity of energy sale, and dynamic clustering on potential coalitions. The payoff will calculate the quantity of energy sale. We used a multi-threading and parallel computing approach to find the optimal size of the cluster that gives winning coalitions. We implemented our clusteringbased coalition formation algorithm in Java. We tested for the efficiency and success rate using a residential PV energy production and consumption data set from California state in the USA. We compared the number of successful coalitions resulted from our algorithm with the hierarchical coalition formation algorithm(HCF) in literature. Our experimental results showed that both the sizes of the neighbourhood and sizes of the cluster have a significant impact on the number of successful coalitions and the proposed algorithm has a higher success rate compared to the HCF algorithm.

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A Game-Theoretic Approach for Enabling Peer-to-Peer Sharing of Rooftop Solar Energy

Hadiya

Vyas

Teotia

et al. 2022

Sustainable Technology and Advanced Computing in Electrical Engineering

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A Motivational Game-Theoretic Approach for Peer-to-Peer Energy Trading in the Smart Grid

Abstract: • A motivational psychology framework is introduced for peer-to-peer energy trading. • A game theoretic design for peer-to-peer energy trading is demonstrated. • An up-to-date literature review of peer-to-peer energy trading schemes is provided.

Cited by 32 publications

References 49 publications

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

Renewable Energy Integration through Coalition Formation for P2P Energy Trading

A Game-Theoretic Approach for Enabling Peer-to-Peer Sharing of Rooftop Solar Energy

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