A Joint Power and Renewable Energy Certificate Trading Method in the Peer-to-Peer Market

A novel peer-to-peer joint power & renewable energy certificate trading method is proposed to reflect the power & environment values of renewable power simultaneously, as well as promote the on-site utilization. Firstly, the P2P power trading and Renewable Energy Certificate (REC) trading market models are proposed respectively considering their coupling relationships. Secondly, the P2P joint power and REC trading market model is formulated as a centralized optimization problem from the perspective of social welfare maximization in the distribution network level. Thirdly, the centralized optimization model is decomposed into local optimization problems and a distributed interactive algorithm based on Alternating Direction Method of Multipliers is proposed to clear the joint power and REC market, as well as protect the privacy of each participant. Lastly, case studies are performed on the modified IEEE 15-node and 69-node distribution networks to demonstrate the effectiveness of the proposed method, in terms of improvement of social welfare, promotion of renewable power local consumption, and environmental value expression of renewable power.