Distributed Dynamic Pricing in Peer-to-Peer Transactive Energy Systems in Smart Grid

Md Habib Ullah, Anas Alseyat, Jae Do Park

Research output: Chapter in Book/Report/Conference proceedingConference contribution

9 Scopus citations

Abstract

The rapid growth of proactive consumers with distributed power generation and storage capacity, empowered by Internet of Things (IoT) devices, is transforming modern power markets into an independent, flexible, and distributed structure. In particular, the recent trend is peer-to-peer (P2P) transactive energy systems, wherein the traditional consumers became prosumers (producer+consumer) and can maximize their energy utilization by sharing with neighbors without any conventional intermediary intervention in the transactions. However, the competitive dynamic energy pricing scheme is inevitable in such systems to make the optimal decision. It is very challenging when the prosumers have limited access to the fellow prosumer's system information (i.e., load profile, generation, and so on). This paper presents a privacy-preserving distributed dynamic pricing strategy for P2P transactive energy systems in the smart grid using Fast Alternating Direction Method of Multipliers (F-ADMM) algorithm. The result shows that the algorithm converges very fast and facilitates easy implementation. Moreover, a closed-form solution for a P2P transactive energy system was presented, which accelerate the overall computation time.

Original languageEnglish (US)
Title of host publication2020 IEEE Power and Energy Society General Meeting, PESGM 2020
PublisherIEEE Computer Society
ISBN (Electronic)9781728155081
DOIs
StatePublished - Aug 2 2020
Event2020 IEEE Power and Energy Society General Meeting, PESGM 2020 - Montreal, Canada
Duration: Aug 2 2020Aug 6 2020

Publication series

NameIEEE Power and Energy Society General Meeting
Volume2020-August
ISSN (Print)1944-9925
ISSN (Electronic)1944-9933

Conference

Conference2020 IEEE Power and Energy Society General Meeting, PESGM 2020
Country/TerritoryCanada
CityMontreal
Period8/2/208/6/20

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology
  • Nuclear Energy and Engineering
  • Renewable Energy, Sustainability and the Environment
  • Electrical and Electronic Engineering

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