Peer-to-peer energy trading system development in smart grid

Abstract

In an open electricity market, consumers can decide between buying electricity from retailers of their choice or to buy from utility companies at a regulated tariff. However, consumers with rooftop solar panels and battery energy storage systems, have no tools available for them to directly sell excess energy to sell to other consumers. For them, peer-to-peer energy trading is one of the promising solutions to implement a decentralized electricity market, which could attract more participants in the future. In the peer-to-peer trading, each consumer negotiates directly with other consumers without any intervention of a conventional intermediary. This project aims to develop a lab-scale peer-to-peer energy trading system for consumers whose assets are connected in a micro grid. The main objective of the object is to develop a proper market-clearing mechanism for peer-to-peer energy trading between producers and consumers. The market-clearing mechanism should be efficient and set with the objective of energy trading.