Quantitative evaluation of multi-community peer to peer electricity trading mechanisms

Shafiekhani, Morteza, Qadrdan, Meysam ORCID: https://orcid.org/0000-0001-6167-2933, Zhou, Yue ORCID: https://orcid.org/0000-0002-6698-4714 and Wu, Jianzhong ORCID: https://orcid.org/0000-0001-7928-3602 2024. Quantitative evaluation of multi-community peer to peer electricity trading mechanisms. Presented at: IEEE PES Innovative Smart Grid Technologies Europe (ISGT EUROPE), 23-26 October 2023. Proceedings 2023 IEEE PES Innovative Smart Grid Technologies Europe (ISGT EUROPE). IEEE, pp. 1-6. 10.1109/ISGTEUROPE56780.2023.10407449

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Abstract

The study evaluates the performance of three multi-community peer-to-peer electricity trading mechanisms: Bill Sharing, Mid-Market Rate, and Supply and Demand Ratio. These mechanisms facilitate trading excess electricity from renewable sources between multiple communities, considering electricity generation and storage technologies like PV panels, wind turbines, energy storage systems, and flexible/non-flexible loads. The peer-to-peer trading methods are adopted to determine the price of electricity traded between the peers within each community, between the two communities, and between the communities and suppliers. As the first objective, this study examines the efficacy of these mechanisms in reducing the cost of meeting electricity demand in communities. The second objective is to conduct a comparative analysis of the multi-community peer-to-peer electricity trading mechanisms and evaluate their performance based on key performance indexes. As a result, strengths and weaknesses of each mechanism will be clarified. Proposed mechanisms reduce average daily electricity costs by 64% compared to the reference case without peer-to-peer electricity trading.

Item Type:	Conference or Workshop Item (Paper)
Date Type:	Published Online
Status:	Published
Schools:	Engineering
Publisher:	IEEE
ISBN:	979-8-3503-9678-2
Last Modified:	19 Mar 2024 10:00
URI:	https://orca.cardiff.ac.uk/id/eprint/166841

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