P2P Electricity Market based on Relaxed Consensus Plus Innovation Approach

Nowadays, the high penetration of distributed generation resources on the consumers’ side caused changes in the power grid. These resources have evolved the role of consumers in traditional networks and created a new role called prosumers in future power networks. By producing electricity, in addition to meeting their needs, prosumers are trying to sell their excess electricity production in the electricity markets to earn a profit. Consumers’ activation can help increase the smartness of the power network, supply load during peak times, and load management. In addition to the change in the role of participants in the network, the way of communication and participation in the electricity market also changes, and the most compatible type of market with the role of prosumers is peer-to-peer energy trading. In this article, a P2P structure is introduced based on a MultiBilateral Economic Dispatch (MBED) formulation, which uses the method of Relaxed Consensus + Innovation (RCI) to solve it. Using this method has the advantages of maximizing Social Welfare (SW) and preserving the privacy of the participants.