Peer-to-peer based energy trading system for heterogeneous small-scale DERs

In the near future, Peer-to-Peer (P2P) energy trading is expected to contribute potentially in expanding popularity of small-scale Distributed Energy Resources (DERs). This will arguably create new markets (a new business model). Storing energy for future use is still considered to be an expensive solution. Therefore, establishing a cooperative network among the energy producers and consumers would lead to maximize energy utilization, and this in turn will contribute in reducing unit energy cost and carbon footprint. In this paper, to gain enormous potential of P2P energy trading, we come up with functional requirements and service scenarios for designing and implementing a P2P energy trading system that facilitates coordination among energy producers (DERs) and consumers. Additionally, to actualize this energy trading system, we implement an energy information and communication standard model, allowing energy trading information sharing among the energy producers and consumers.