Accelerated Distributed Methods for Multi-Bilateral Economic Dispatch in Peer-to-Peer Energy Trading

Peer-to-Peer (P2P) electricity market is an attractive option for promoting the development of renewable energy and motivating citizens to actively participate in energy trading. In this paper, we establish a simplified Multi-Bilateral Economic Dispatch (MBED) model for P2P energy trading. In particular, we consider line flow limits and transmission losses in the MBED model to reflect actual physical network constraints. Then, in order to tackle the scalability challenges of P2P energy trading, we propose an accelerated distributed clearing algorithm to solve this MBED problem and theoretically analyze the convergence rate of this algorithm. The proposed clearing algorithm has fewer optimization variables and a faster convergence rate, both of which can enhance the scalability of the P2P electricity market. Finally, numerical simulations validate the effectiveness and scalability of the clearing algorithm on the IEEE 9-bus system and some larger-scale markets, respectively.