TY - JOUR
T1 - Transforming energy networks via peer-to-peer energy trading
T2 - The potential of game-theoretic approaches
AU - Tushar, Wayes
AU - Yuen, Chau
AU - Mohsenian-Rad, Hamed
AU - Saha, Tapan
AU - Poor, H. Vincent
AU - Wood, Kristin L.
N1 - Publisher Copyright:
© 1991-2012 IEEE.
PY - 2018/7
Y1 - 2018/7
N2 - Peer-to-peer (P2P) energy trading has emerged as a next-generation energy-management mechanism for the smart grid that enables each prosumer (i.e., an energy consumer who also produces electricity) of the network to participate in energy trading with other prosumers and the grid. This poses a significant challenge in terms of modeling the decisionmaking process of the participants' conflicting interests and motivating prosumers to participate in energy trading and cooperate, if necessary, in achieving different energy-management goals. Therefore, such a decisionmaking process needs to be built on solid mathematical and signal processing principles that can ensure an efficient operation of the electric power grid. This article provides an overview of the use of game-theoretic approaches for P2P energy trading as a feasible and effective means of energy management. Various game- and auction-theoretic approaches are discussed by following a systematic classification to provide information on the importance of game theory for smart energy research. This article also focuses on the key features of P2P energy trading and gives an introduction to an existing P2P testbed. Furthermore, the article gives specific game- and auction-theoretic models that have recently been used in P2P energy trading and discusses important findings arising from these approaches.
AB - Peer-to-peer (P2P) energy trading has emerged as a next-generation energy-management mechanism for the smart grid that enables each prosumer (i.e., an energy consumer who also produces electricity) of the network to participate in energy trading with other prosumers and the grid. This poses a significant challenge in terms of modeling the decisionmaking process of the participants' conflicting interests and motivating prosumers to participate in energy trading and cooperate, if necessary, in achieving different energy-management goals. Therefore, such a decisionmaking process needs to be built on solid mathematical and signal processing principles that can ensure an efficient operation of the electric power grid. This article provides an overview of the use of game-theoretic approaches for P2P energy trading as a feasible and effective means of energy management. Various game- and auction-theoretic approaches are discussed by following a systematic classification to provide information on the importance of game theory for smart energy research. This article also focuses on the key features of P2P energy trading and gives an introduction to an existing P2P testbed. Furthermore, the article gives specific game- and auction-theoretic models that have recently been used in P2P energy trading and discusses important findings arising from these approaches.
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U2 - 10.1109/MSP.2018.2818327
DO - 10.1109/MSP.2018.2818327
M3 - Article
AN - SCOPUS:85049369934
SN - 1053-5888
VL - 35
SP - 90
EP - 111
JO - IEEE Signal Processing Magazine
JF - IEEE Signal Processing Magazine
IS - 4
ER -