Peer-to-Peer Energy Trading under Network Constraints Based on Generalized Fast Dual Ascent

Changsen Feng, Bomiao Liang, Zhengmao Li, Weijia Liu, Fushuan Wen

Research output: Contribution to journalArticlepeer-review

28 Scopus Citations

Abstract

The wide deployment of renewable energy resources, combined with a more proactive demand-side management, is inducing a new paradigm in both power system operation and electricity market trading, which especially boosts the emergence of the peer-to-peer (P2P) market. A more flexible local market mechanism is highly desirable in response to fast changes in renewable power generation at the distribution network level. Moreover, large-scale implementation of P2P energy trading inevitably affects the secure and economic operation of the distribution network. This paper presents a new P2P electricity trading framework with distribution network security constraints considered using the generalized fast dual ascent method. First, an event-driven local P2P market framework is presented to facilitate short-term or immediate local energy transactions. Then, the sensitivity analysis of nodal voltage and network loss with respect to nodal power injections is used to evaluate the impacts of P2P transactions on the distribution network, which ensures the secure operation of the distribution system. Thereby, the external operational constraints are internalized, and the cost of P2P energy trading can be appropriately allocated in an endogenous way. Moreover, a generalized fast dual ascent method is employed to implement distributed market-clearing efficiently. Finally, numerical results indicate that the proposed model could guarantee secure operation of the distribution system with P2P energy trading, and the solution method enjoys good convergence performance.

Original languageAmerican English
Pages (from-to)1441-1453
Number of pages13
JournalIEEE Transactions on Smart Grid
Volume14
Issue number2
DOIs
StatePublished - 2023

Bibliographical note

Publisher Copyright:
© 2010-2012 IEEE.

NREL Publication Number

  • NREL/JA-5D00-82740

Keywords

  • event-driven
  • generalized fast dual ascent
  • market clearing
  • Peer-to-peer (P2P) energy trading

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