Trading strategy optimization for a prosumer in continuous double auction-based peer-to-peer market: A prediction-integration model

Chen, Kaixuan; Lin, Jin; Song, Yonghua

doi:10.1016/j.apenergy.2019.03.094

Cited by 170 publications

(110 citation statements)

References 31 publications

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“…These studies can be broadly categorised into two groups depending on the market structure considered: peer-to-peer (P2P) approaches, where energy is traded bilaterally between pairs of participants, and centralised auctions. More specifically, the first group includes the works in [10,[12][13][14][15][16][17][18], and the second group includes works in [3,5,7,9,16,19,20].…”

Section: Related Workmentioning

confidence: 99%

“…Regarding the second category, we can find two different types of auctions in the literature: continuous [19,20] and discrete [3,5,7,9,18]. In more detail, continuous auctions match buy and sell orders instantly and keep an order book continuously open (like stock markets).…”

Section: Related Workmentioning

confidence: 99%

“…Furthermore, trading agents are also considered, including zero-intelligence and adaptive-aggressiveness strategies. In a slightly different vein, the authors of [20] also consider a continuous double auction in a similar setting but focus on agent behaviour, presenting a prediction-integration strategy that the market participants can use in order to perform more informed trading. In a different vein, the authors of [4,18] focus on the possibilities offered by blockchain technology as a framework for implementing CEM auctions, such as increased transparency and trust-less execution.…”

Section: Related Workmentioning

confidence: 99%

“…Finally, another relevant area of the literature is the investigation of trading strategies for household participation in CEMs. Different types of algorithms have been proposed in previous literature, including zero-intelligence (ZI) [3,16,30], zero-intelligence plus [19] and forecasting-based agents [16,20]. Among these, the former are only valid as a proof-of-concept due to their simplicity.…”

Section: Related Workmentioning

confidence: 99%

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Market Design and Trading Strategies for Community Energy Markets with Storage and Renewable Supply

2020

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Community Energy Markets (CEMs) enable trading opportunities between participants in a community to achieve savings and profits. However, the market design and the behaviour of participants are key factors that determine the success of such markets. To this end, this research presents a CEM model and conducts agent-based simulations to study the benefits of the CEM to consumers and prosumers. The proposed market structure is an hour-ahead periodic double auction. In particular, market rules are proposed that incentivise the provision of energy supply to the community and the investment in energy storage. Furthermore, a trading strategy is introduced that leverages energy flexibility created by the storage devices. Finally, as well as the hour-ahead market, we include a minute-by-minute balancing as part of the CEM’s energy exchange mechanism. The balancing approach is introduced to account for a community budget deficit caused by the time difference between supply and demand. The proposed market results in cost savings for consumers and profit for prosumers similar to existing approaches, while increasing the energy suppliers’ percentage of financial benefits from 50% to a range between 60–96% depending on the community configuration. Moreover, the market model accounts for uncertainties in supply and demand and suggests a methodology to overcome the community budget deficit.

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Section: Related Workmentioning

confidence: 99%

Section: Related Workmentioning

confidence: 99%

Section: Related Workmentioning

confidence: 99%

Section: Related Workmentioning

confidence: 99%

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Market Design and Trading Strategies for Community Energy Markets with Storage and Renewable Supply

2020

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“…4. The second stage consists of a continuous double auction (CDA) [36]. Participants use the CETP to advertise offers to sell or bids to buy energy.…”

mentioning

confidence: 99%

Research and Application of Continuous Bidirectional Trading Mechanism in Yunnan Electricity Market

Cheng

et al. 2019

Energies

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To further promote market competition, enrich trading varieties, alleviate information asymmetry, and improve trading efficiency during electricity market reform in China, the continuous bidirectional transaction (CBT) was designed and applied in the Yunnan electricity market (YNEM), which is dominated by medium- and long-term power energy trading. The clearing model for the CBT with the goal of maximum social welfare is proposed in two bidding stages, including call auction (CA) and continuous double auction (CDA). Correspondingly, the integrated two-stage market clearing algorithm is also introduced to ensure the data consistency and business continuity. Finally, the analysis of the practical application shows that the proposed model, algorithm, and various key implementation strategies of the trading platform support the bidding and clearing of the CBT well. In addition, the research and application of CBT may also provide valuable insights for other electricity market construction.

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Three‐level interactive energy management strategy for optimal operation of multiple virtual power plants considering different time scales

Tan

Lin

et al. 2020

Int J Energy Res

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Virtual power plants (VPPs) integrate distributed energy effectively and overcome geographical restrictions. This could improve the broad benefits of distributed energy generation. Owing to the intermittency of distributed wind and photovoltaic power at different time scales, when multiple VPPs exist, the interactive energy management strategy should be addressed in terms of two dimensions, namely multi-operator and multi-timescale (day-ahead (24 hours), intraday (4 hours), and real-time (1 hour)). In this study, an interactive energy management framework for multiple VPPs was designed. Furthermore, a three-level energy-coordinated management model was employed for multi-VPP optimal operation including day-ahead cooperative scheduling, intraday noncooperative bidding, and real-time cooperative reserve. To solve this model, a chaotic search algorithm was applied to improve the ant-colony optimization algorithm. The resulting improved chaotic ant-colony optimization algorithm is proposed to increase the optimization velocity and solution efficiency. Finally, a demonstration project, namely the Sanliduo's VPP in Guangxi Province in China, was taken as an example. The following points can be stressed according to the obtained results: (a) the proposed model implements dispatching-balance-reserve interactive optimization such that the output of wind and photovoltaic power increased by 3.42% and 1.85%, respectively, and the revenue increased by 2.53%; (b) the proposed solution algorithm develops the optimal global strategy: compared with the ant-colony algorithm, the average convergence time increased by 44 seconds, and the supply cost decreased by 1.2%; (c) the robust coefficient provides effective risk decisionmaking tools for different types of decision-makers considering the operational characteristics of VPPs; (d) the openness of power markets is positively correlated to the balance revenue, and higher levels are beneficial for VPPs.

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Trading strategy optimization for a prosumer in continuous double auction-based peer-to-peer market: A prediction-integration model

Cited by 170 publications

References 31 publications

Market Design and Trading Strategies for Community Energy Markets with Storage and Renewable Supply

Market Design and Trading Strategies for Community Energy Markets with Storage and Renewable Supply

Research and Application of Continuous Bidirectional Trading Mechanism in Yunnan Electricity Market

Three‐level interactive energy management strategy for optimal operation of multiple virtual power plants considering different time scales

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