IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v13y2020i19p5177-d423876.html
   My bibliography  Save this article

Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers

Author

Listed:
  • Koo-Hyung Chung

    (Smart Grid Research Division, Korea Electrotechnology Research Institute, 12 Bulmosan-ro 10beon-gil, Seongsan-gu, Changwon-si 51543, Korea)

  • Don Hur

    (Department of Electrical Engineering, Kwangwoon University, 20 Kwangwoon-ro, Nowon-gu, Seoul 01897, Korea)

Abstract

The peer-to-peer (P2P) energy trading is anchored in more efficient usage of electric power by allowing excess electric power from energy prosumers to be harnessed by other end-users. To boost the P2P energy trading, it is of pivotal significance to call on energy prosumers and end-users to actively participate in the trading while sharing information with a greater degree of freedom. In this perspective, this paper purports to implement the P2P energy trading scheme with an optimization model to assist in energy prosumers’ decisions by reckoning on hourly electric power available in the trading via the optimal energy scheduling of the energy trading and sharing system (ETS). On a purely practical level, it is assumed that all trading participants neither join the separate bidding processes nor are forced to comply with the predetermined optimal schedules for a trading period. Furthermore, this paper will be logically elaborated with reference to not only the determination of transaction price for maximizing the benefits of consumers under the different electricity rates but the establishment of additional settlement standards for bridging an imperative gap between optimally planned and actually transacted quantities of the P2P energy trading.

Suggested Citation

  • Koo-Hyung Chung & Don Hur, 2020. "Towards the Design of P2P Energy Trading Scheme Based on Optimal Energy Scheduling for Prosumers," Energies, MDPI, vol. 13(19), pages 1-15, October.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:19:p:5177-:d:423876
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/13/19/5177/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/13/19/5177/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hui Huang & Shilin Nie & Jin Lin & Yuanyuan Wang & Jun Dong, 2020. "Optimization of Peer-to-Peer Power Trading in a Microgrid with Distributed PV and Battery Energy Storage Systems," Sustainability, MDPI, vol. 12(3), pages 1-20, January.
    2. Yunjun Yu & Yanghui Guo & Weidong Min & Fanpeng Zeng, 2019. "Trusted Transactions in Micro-Grid Based on Blockchain," Energies, MDPI, vol. 12(10), pages 1-16, May.
    3. Olamide Jogunola & Augustine Ikpehai & Kelvin Anoh & Bamidele Adebisi & Mohammad Hammoudeh & Sung-Yong Son & Georgina Harris, 2017. "State-Of-The-Art and Prospects for Peer-To-Peer Transaction-Based Energy System," Energies, MDPI, vol. 10(12), pages 1-28, December.
    4. Michael J. Fell & Alexandra Schneiders & David Shipworth, 2019. "Consumer Demand for Blockchain-Enabled Peer-to-Peer Electricity Trading in the United Kingdom: An Online Survey Experiment," Energies, MDPI, vol. 12(20), pages 1-25, October.
    5. Carol Inoue Dick & Aaron Praktiknjo, 2019. "Blockchain Technology and Electricity Wholesale Markets: Expert Insights on Potentials and Challenges for OTC Trading in Europe," Energies, MDPI, vol. 12(5), pages 1-25, March.
    6. Zhou, Yue & Wu, Jianzhong & Long, Chao, 2018. "Evaluation of peer-to-peer energy sharing mechanisms based on a multiagent simulation framework," Applied Energy, Elsevier, vol. 222(C), pages 993-1022.
    7. Jin Zhang & Cungang Hu & Changbao Zheng & Tao Rui & Weixiang Shen & Bo Wang, 2019. "Distributed Peer-to-Peer Electricity Trading Considering Network Loss in a Distribution System," Energies, MDPI, vol. 12(22), pages 1-18, November.
    8. Ning Wang & Weisheng Xu & Zhiyu Xu & Weihui Shao, 2018. "Peer-to-Peer Energy Trading among Microgrids with Multidimensional Willingness," Energies, MDPI, vol. 11(12), pages 1-22, November.
    9. Min Fu & Zhiyu Xu & Ning Wang & Xiaoyu Lyu & Weisheng Xu, 2020. "“Peer-to-Peer Plus” Electricity Transaction within Community of Active Energy Agents Regarding Distribution Network Constraints," Energies, MDPI, vol. 13(9), pages 1-23, May.
    10. Christie Etukudor & Benoit Couraud & Valentin Robu & Wolf-Gerrit Früh & David Flynn & Chinonso Okereke, 2020. "Automated Negotiation for Peer-to-Peer Electricity Trading in Local Energy Markets," Energies, MDPI, vol. 13(4), pages 1-19, February.
    11. Wadim Strielkowski & Dalia Streimikiene & Alena Fomina & Elena Semenova, 2019. "Internet of Energy (IoE) and High-Renewables Electricity System Market Design," Energies, MDPI, vol. 12(24), pages 1-17, December.
    12. Sousa, Tiago & Soares, Tiago & Pinson, Pierre & Moret, Fabio & Baroche, Thomas & Sorin, Etienne, 2019. "Peer-to-peer and community-based markets: A comprehensive review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 104(C), pages 367-378.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kristina Lebedeva & Andris Krumins & Antra Tamane & Egils Dzelzitis, 2021. "Analysis of Latvian Households’ Potential Participation in the Energy Market as Prosumers," Clean Technol., MDPI, vol. 3(2), pages 1-13, May.
    2. Liaqat Ali & M. Imran Azim & Nabin B. Ojha & Jan Peters & Vivek Bhandari & Anand Menon & Vinod Tiwari & Jemma Green & S.M. Muyeen, 2023. "Balancing Usage Profiles and Benefitting End Users through Blockchain Based Local Energy Trading: A German Case Study," Energies, MDPI, vol. 16(17), pages 1-18, August.
    3. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K. & Yuen, Chau & Smith, David, 2022. "Peer-to-peer kilowatt and negawatt trading: A review of challenges and recent advances in distribution networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 169(C).
    4. Adrian Kampa & Iwona Paprocka, 2021. "Analysis of Energy Efficient Scheduling of the Manufacturing Line with Finite Buffer Capacity and Machine Setup and Shutdown Times," Energies, MDPI, vol. 14(21), pages 1-25, November.
    5. Seongwoo Lee & Joonho Seon & Chanuk Kyeong & Soohyun Kim & Youngghyu Sun & Jinyoung Kim, 2021. "Novel Energy Trading System Based on Deep-Reinforcement Learning in Microgrids," Energies, MDPI, vol. 14(17), pages 1-14, September.
    6. Rozmysław Mieński & Przemysław Urbanek & Irena Wasiak, 2021. "Using Energy Storage Inverters of Prosumer Installations for Voltage Control in Low-Voltage Distribution Networks," Energies, MDPI, vol. 14(4), pages 1-21, February.
    7. Meritxell Domènech Monfort & César De Jesús & Natapon Wanapinit & Niklas Hartmann, 2022. "A Review of Peer-to-Peer Energy Trading with Standard Terminology Proposal and a Techno-Economic Characterisation Matrix," Energies, MDPI, vol. 15(23), pages 1-29, November.
    8. Arnob Das & Susmita Datta Peu & Md. Abdul Mannan Akanda & Abu Reza Md. Towfiqul Islam, 2023. "Peer-to-Peer Energy Trading Pricing Mechanisms: Towards a Comprehensive Analysis of Energy and Network Service Pricing (NSP) Mechanisms to Get Sustainable Enviro-Economical Energy Sector," Energies, MDPI, vol. 16(5), pages 1-27, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Capper, Timothy & Gorbatcheva, Anna & Mustafa, Mustafa A. & Bahloul, Mohamed & Schwidtal, Jan Marc & Chitchyan, Ruzanna & Andoni, Merlinda & Robu, Valentin & Montakhabi, Mehdi & Scott, Ian J. & Franci, 2022. "Peer-to-peer, community self-consumption, and transactive energy: A systematic literature review of local energy market models," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    2. Schwidtal, J.M. & Piccini, P. & Troncia, M. & Chitchyan, R. & Montakhabi, M. & Francis, C. & Gorbatcheva, A. & Capper, T. & Mustafa, M.A. & Andoni, M. & Robu, V. & Bahloul, M. & Scott, I.J. & Mbavarir, 2023. "Emerging business models in local energy markets: A systematic review of peer-to-peer, community self-consumption, and transactive energy models," Renewable and Sustainable Energy Reviews, Elsevier, vol. 179(C).
    3. Arnob Das & Susmita Datta Peu & Md. Abdul Mannan Akanda & Abu Reza Md. Towfiqul Islam, 2023. "Peer-to-Peer Energy Trading Pricing Mechanisms: Towards a Comprehensive Analysis of Energy and Network Service Pricing (NSP) Mechanisms to Get Sustainable Enviro-Economical Energy Sector," Energies, MDPI, vol. 16(5), pages 1-27, February.
    4. Azim, M. Imran & Tushar, Wayes & Saha, Tapan K. & Yuen, Chau & Smith, David, 2022. "Peer-to-peer kilowatt and negawatt trading: A review of challenges and recent advances in distribution networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 169(C).
    5. Soto, Esteban A. & Bosman, Lisa B. & Wollega, Ebisa & Leon-Salas, Walter D., 2021. "Peer-to-peer energy trading: A review of the literature," Applied Energy, Elsevier, vol. 283(C).
    6. Esmat, Ayman & de Vos, Martijn & Ghiassi-Farrokhfal, Yashar & Palensky, Peter & Epema, Dick, 2021. "A novel decentralized platform for peer-to-peer energy trading market with blockchain technology," Applied Energy, Elsevier, vol. 282(PA).
    7. Bogdan-Constantin Neagu & Ovidiu Ivanov & Gheorghe Grigoras & Mihai Gavrilas & Dumitru-Marcel Istrate, 2020. "New Market Model with Social and Commercial Tiers for Improved Prosumer Trading in Microgrids," Sustainability, MDPI, vol. 12(18), pages 1-43, September.
    8. Mehri Arsoon, Milad & Moghaddas-Tafreshi, Seyed Masoud, 2020. "Peer-to-peer energy bartering for the resilience response enhancement of networked microgrids," Applied Energy, Elsevier, vol. 261(C).
    9. Norbu, Sonam & Couraud, Benoit & Robu, Valentin & Andoni, Merlinda & Flynn, David, 2021. "Modelling the redistribution of benefits from joint investments in community energy projects," Applied Energy, Elsevier, vol. 287(C).
    10. Siripha Junlakarn & Phimsupha Kokchang & Kulyos Audomvongseree, 2022. "Drivers and Challenges of Peer-to-Peer Energy Trading Development in Thailand," Energies, MDPI, vol. 15(3), pages 1-25, February.
    11. Matteo Troncia & Marco Galici & Mario Mureddu & Emilio Ghiani & Fabrizio Pilo, 2019. "Distributed Ledger Technologies for Peer-to-Peer Local Markets in Distribution Networks," Energies, MDPI, vol. 12(17), pages 1-19, August.
    12. Ma, Li & Wang, Lingfeng & Liu, Zhaoxi, 2021. "Multi-level trading community formation and hybrid trading network construction in local energy market," Applied Energy, Elsevier, vol. 285(C).
    13. Milad Afzalan & Farrokh Jazizadeh, 2021. "Quantification of Demand-Supply Balancing Capacity among Prosumers and Consumers: Community Self-Sufficiency Assessment for Energy Trading," Energies, MDPI, vol. 14(14), pages 1-21, July.
    14. Alaa A. F. Husain & Maryam Huda Ahmad Phesal & Mohd Zainal Abidin Ab Kadir & Ungku Anisa Ungku Amirulddin & Abdulhadi H. J. Junaidi, 2021. "A Decade of Transitioning Malaysia toward a High-Solar PV Energy Penetration Nation," Sustainability, MDPI, vol. 13(17), pages 1-16, September.
    15. Prevedello, Giulio & Werth, Annette, 2021. "The benefits of sharing in off-grid microgrids: A case study in the Philippines," Applied Energy, Elsevier, vol. 303(C).
    16. Couraud, Benoit & Andoni, Merlinda & Robu, Valentin & Norbu, Sonam & Chen, Si & Flynn, David, 2023. "Responsive FLEXibility: A smart local energy system," Renewable and Sustainable Energy Reviews, Elsevier, vol. 182(C).
    17. Nizami, Sohrab & Tushar, Wayes & Hossain, M.J. & Yuen, Chau & Saha, Tapan & Poor, H. Vincent, 2022. "Transactive energy for low voltage residential networks: A review," Applied Energy, Elsevier, vol. 323(C).
    18. Hahnel, Ulf J.J. & Fell, Michael J., 2022. "Pricing decisions in peer-to-peer and prosumer-centred electricity markets: Experimental analysis in Germany and the United Kingdom," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    19. Bandeiras, F. & Pinheiro, E. & Gomes, M. & Coelho, P. & Fernandes, J., 2020. "Review of the cooperation and operation of microgrid clusters," Renewable and Sustainable Energy Reviews, Elsevier, vol. 133(C).
    20. Christie Etukudor & Benoit Couraud & Valentin Robu & Wolf-Gerrit Früh & David Flynn & Chinonso Okereke, 2020. "Automated Negotiation for Peer-to-Peer Electricity Trading in Local Energy Markets," Energies, MDPI, vol. 13(4), pages 1-19, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:13:y:2020:i:19:p:5177-:d:423876. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.