Potential Benefits for Residential Building with Photovoltaic Battery System Participation in Peer-to-Peer Energy Trading

Zhang, Bidan, Du, Yang, Chen, Xiaoyang, Lim, Eng Gee, Jiang, Lin, and Yan, Ke (2022) Potential Benefits for Residential Building with Photovoltaic Battery System Participation in Peer-to-Peer Energy Trading. Energies, 15 (11). 3913.

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Abstract

The increasing number of residential buildings that are installing distributed energy resources enforces the need for schemes to facilitate a local energy balance. With the continuing evolution of Internet of Things (IoT) technology, Peer-to-Peer (P2P) energy trading is becoming a viable solution to incentivize prosumers and promote efficient energy sharing in a community. This paper develops a model to quantitatively analyze the potential benefits of P2P energy trading for residential buildings that have installed photovoltaic battery systems. The integration of the bidding strategy into a residential energy-management system is feasible to realize cost savings for prosumers. However, the coordination between the bidding strategy and the optimal scheduling of energy has received far too little attention. To better participate in the P2P market, we propose a novel separate bidding energy-management system (SBEMS) that can realize rolling optimal energy scheduling while determining energy bids. The model’s effectiveness is verified via case studies of 75 participants in a community. The results indicate that the prosumers can reduce their costs by up to 24% by employing the proposed SBEMS in the P2P market. In addition, the proposed method is found to offer better performance in terms of economic and technical indices.

Item ID: 76514
Item Type: Article (Research - C1)
ISSN: 1996-1073
Keywords: bidding strategy, continuous double auction, energy-management system, Peer-to-Peer energy trading, photovoltaic battery system
Copyright Information: © 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Date Deposited: 20 Oct 2022 01:58
FoR Codes: 40 ENGINEERING > 4008 Electrical engineering > 400805 Electrical energy transmission, networks and systems @ 100%
SEO Codes: 17 ENERGY > 1703 Energy storage, distribution and supply > 170309 Smart grids @ 20%
17 ENERGY > 1708 Renewable energy > 170804 Solar-photovoltaic energy @ 20%
17 ENERGY > 1703 Energy storage, distribution and supply > 170301 Battery storage @ 60%
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