Volume 24: Sustainable Energy Solutions for a Post-COVID Recovery towards a Better Future: Part VII

Peer-to-Peer Energy Trading for Residential Prosumers with Battery Storage Systems Jiatong Wang*, Jiangfeng Zhang, Li Li, Yunfeng Lin

Abstract

This paper proposes a residential peer-to-peer (P2P) energy trading market for prosumers with battery storage systems. To this end, a P2P energy trading mechanism, including the rules for buying and selling energy, is presented. In addition, the supply function bidding method is adopted to match the power supply imbalance and calculate the market-clearing price. Based on the proposed model, a single-objective optimization problem is designed to minimize the total energy cost of all prosumers. To avoid the unfair benefit distribution for market participants, we further put forward a multiobjective optimization problem to solve the issue and reduce the total energy cost as much as possible. The simulation results validate and compare the performance on cost reduction of the proposed two optimization problems.

Keywords Peer-to-peer energy trading, battery energy storage system, supply function bidding