Peer-to-peer energy trading for islanded mode of operation of a microgrid

• Main Author: Lim, Si Ping
• Other Authors: Gooi Hoay Beng
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2022
• Subjects: Engineering::Electrical and electronic engineering::Electric power::Production, transmission and distribution
• Online Access: https://hdl.handle.net/10356/158006
• Institution: Nanyang Technological University

The increasing popularity of distributed energy resources (DER) requires the creation of a new market platform for their active engagement in energy balance monitoring on a local scale. This report proposes a Peer-to-Peer (P2P) market model for trading energy among distributed local prosumers in a transactive energy (TE) architecture. The P2P market allows prosumers to trade energy with consumers in a distribution network. At surplus generation, prosumers can buy and/or sell energy to/from other prosumers through a knapsack auction to maximize their economic surplus. To accommodate the maximum number of consumers at a certain time instant will depend on the photovoltaic (PV) panel output and the amount of energy stored in the Battery Energy Storage System (BESS). Priority groups are considered at deficit energy based on which load demands are more essential. The proposed system is evaluated with 4 producers and 6 consumers. The numerical simulation results demonstrate that the proposed approach can increase the economic surplus of DER owners in the market as compared to exporting to the grid.