Peer-to-Peer Trading in Electricity Networks: An Overview

Wayes Tushar, Tapan Kumar Saha, Chau Yuen, David Smith, H. Vincent Poor

Research output: Contribution to journalArticle

6 Scopus citations

Abstract

Peer-to-peer trading is a next-generation energy management technique that economically benefits proactive consumers (prosumers) transacting their energy as goods and services. At the same time, peer-to-peer energy trading is also expected to help the grid by reducing peak demand, lowering reserve requirements, and curtailing network loss. However, large-scale deployment of peer-to-peer trading in electricity networks poses a number of challenges in modeling transactions in both the virtual and physical layers of the network. As such, this article provides a comprehensive review of the state-of-the-art in research on peer-to-peer energy trading techniques. By doing so, we provide an overview of the key features of peer-to-peer trading and its benefits of relevance to the grid and prosumers. Then, we systematically classify the existing research in terms of the challenges that the studies address in the virtual and the physical layers. We then further identify and discuss those technical approaches that have been extensively used to address the challenges in peer-to-peer transactions. Finally, the paper is concluded with potential future research directions.

Original languageEnglish (US)
Article number8972609
Pages (from-to)3185-3200
Number of pages16
JournalIEEE Transactions on Smart Grid
Volume11
Issue number4
DOIs
StatePublished - Jul 2020

All Science Journal Classification (ASJC) codes

  • Computer Science(all)

Keywords

  • Peer-to-peer trading
  • auction theory
  • blockchain
  • challenges
  • energy cost
  • energy management
  • energy market
  • future research
  • game theory
  • network loss
  • physical layer
  • storage
  • virtual layer
  • voltage violation

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