Low economic risk operation of transactive energy markets with renewable sources and virtual power plants using self-adaptive particle swarm optimization

An optimal transport theory based approach for efficient dispatch of transactions in energy markets

“…This is the subject of an ongoing debate among utilities, consumers, and retailers due to the possibility of a large number of transactions among them. But, the TEMs are market-based models and they can bring more trading opportunities for energy traders, decrease the energy cost of end-users, and increase the retailers' revenue [1,2]. Furthermore, TEMs can facilitate power deliv-ery with high efficiency, economic benefits, and reliability.…”

“…As a result, the feasibility assessment and optimal dispatch of transactions have become essential in the new environment for the better planning and management of TEMs. Also, it is necessary to meet the total power demand of transactions by allocating the demand among available generation units efficiently and economically with assured quality of service and safety even in the presence of contingencies and uncertainties [1]. Consequently, the transactive economic dispatch problem has emerged as one of the key challenges in the energy markets.…”

“…As per the contract, the power supplier (generation bus) of the transaction has to supply scheduled power to the receiving end (load bus) of the transaction. Moreover, the transaction sizes are assumed in most of the research works [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17]. This results in an improper assessment of the purchased cost of generation of transactions.…”