2018/04/06 by Etienne Sorin, Sorin, Etienne, Lucien Bobo +3 · 3 citations
Engineering · #Electric Power System Optimization #Smart Grid Energy Management
paper · pdf · doi:10.48550/arxiv.1804.03521
With the sustained deployment of distributed generation capacities and the\nmore proactive role of consumers, power systems and their operation are\ndrifting away from a conventional top-down hierarchical structure. Electricity\nmarket structures, however, have not yet embraced that evolution. Respecting\nthe high-dimensional, distributed and dynamic nature of modern power systems\nwould translate to designing peer-to-peer markets or, at least, to using such\nan underlying decentralized structure to enable a bottom-up approach to future\nelectricity markets. A peer-to-peer market structure based on a Multi-Bilateral\nEconomic Dispatch (MBED) formulation is introduced, allowing for\nmulti-bilateral trading with product differentiation, for instance based on\nconsumer preferences. A Relaxed Consensus+Innovation (RCI) approach is\ndescribed to solve the MBED in fully decentralized manner. A set of realistic\ncase studies and their analysis allow us showing that such peer-to-peer market\nstructures can effectively yield market outcomes that are different from\ncentralized market structures and optimal in terms of respecting consumers\npreferences while maximizing social welfare. Additionally, the RCI solving\napproach allows for a fully decentralized market clearing which converges with\na negligible optimality gap, with a limited amount of information being shared.\n