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Optimization of a Local Energy Market Operation in a Transactive Energy Environment

descriptionPublicationkeyboard_double_arrow_right Conference object , Article 01 Sep 2020Publisher:IEEEJournal:2020 17th International Conference on the European Energy Market (EEM)

Authors: Nikos Andriopoulos; Alexios Birbas; Panayiotis Alefragis; A. Bachoumis;

doi: 10.1109/eem49802.2020.9221893

Optimization of a Local Energy Market Operation in a Transactive Energy Environment

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Abstract

ICT advancements (low latency new generation networks) transform the Distributed Energy Resources (DERs) at the edge of the electrical grid gradually into grid assets and drive the energy system towards a decentralized transactive operation. Local Energy Markets (LEMs) have been proposed as a means to facilitate and orchestrate the vast penetration of DERs. We propose here a LEM operation which concludes into fair pricing with monetary gains for both prosumers and consumers participating in the LEM. For the Day-Ahead LEM operation we apply a chance-constrained optimization algorithm in order to tackle the uncertainties governing the Day-Ahead LEM operation. The proposed LEM architecture is validated upon an IEEE low voltage European test feeder benchmark.

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