Design of auction‐based approach for market clearing in peer‐to‐peer market platform

Abstract

This paper designs a market platform for Peer-to-Peer (P2P) energy trading in Transactive Energy (TE) systems, where prosumers and consumers actively participate in the market as seller or buyer to trade energy. An auction-based approach is used for market clearing in the proposed platform and a review of different types of auction is performed. The appropriate auction approach for market clearing in the proposed platform is designed. The proposed auction mechanism is implemented in three steps namely determination, allocation and payment. This paper identifies important P2P market clearing performance indices, which are used to compare and contrast the designed auction with different types of auction mechanisms. Comparative studies demonstrate the efficacy of the proposed auction mechanism for market clearing in the P2P platform.

A New Vision on the Prosumers Energy Surplus Trading Considering Smart Peer-to-Peer Contracts

“…Other authors propose double auction mechanism. The maximization of social welfare in the PEST can use auction-based mechanism [16,17]. The author from [18] uses an optimum pricing scheme for local electricity trading in µGs considering four particular priorities.…”

“…In addition, the consumer-driven scenario is S5-minimum price for consumers. It should be mentioned that many papers are the same with the References [7,[11][12][13][14][15][16][17][18][20][21][22][23][25][26][27][28][29][30][31][32][33] presented in Table 1. Table 1.…”

“…A comparative state of the art between our method and the literature. [7,17] no no no no yes yes [11,12,25] yes no no no no yes [13] no no yes yes no yes [14,15] no no yes yes yes yes [16,23] yes no no yes no yes [18] no no yes no no no [20,26] no no yes no no yes [21,22,30] no no no no yes no [27] no no no yes yes no [28] no no yes no yes yes [29] no yes no no no yes [31] no yes no yes no no [32,33] no no no no yes yes Proposed approach yes yes yes yes yes yes A previous work of the authors, in [34], proposes only at principle level a particular approach for prosumers energy trading in µGs as an efficient P2P exchange based on the blockchain technology. Specifically, the algorithm solves a mathematical model for the latest challenges regarding both the ADN and the newest type of electricity market participants (prosumers) using virtual or crypto price as the transaction currency.…”

Aided design of market mechanisms for electricity clusters

“…While the approaches listed above focus more on elements needed to run a market and less on market mechanisms modelling the market, Khorasany et al presented a general P2P market framework, but with specific allocation and payment rules (Khorasany et al 2019). The closest approach to the one we present in this paper has been presented in Huber et al (2018), where Market Engineering House is applied to structure the process of designing so-called Smart Market Platforms.…”

“…Some papers use such frameworks to present very specific market designs [e.g. Khorasany et al (2019)], but it is hard to use them in general decision-making processes. Finally, there is no support for designing network auctions or more general auctions under constraints.…”