Optimal management of local energy trading in future smart microgrid via pricing

Yuan Wu; Xiaoqi Tan; Liping Qian; Danny H.K. Tsang

doi:10.1109/INFCOMW.2015.7179446

Optimal management of local energy trading in future smart microgrid via pricing

Yuan Wu
, Xiaoqi Tan
, Liping Qian
, Danny H.K. Tsang

Department of Electronic and Computer Engineering

Research output: Chapter in Book/Conference Proceeding/Report › Conference Paper published in a book › peer-review

21 Citations (Scopus)

Abstract

In this paper, we investigate optimal management of local energy trading in future smart micro-grid (SMG) via pricing. In SMG, energy consumers and providers, in addition to trading with utility company, can also perform local energy trading controlled by a local trading manager (LTM) for reaping benefits. We first quantify the benefits achieved by the consumers and providers from local trading and then formulate a two-layered optimization framework to investigate i) how the energy consumers and providers maximize their benefits via appropriately adjusting their local trading decisions in response to the LTM's pricing, and ii) how the LTM adjusts its price in local market to benefit the consumers and providers as much as possible while guaranteeing a required gain for itself. We propose two algorithms to solve the layered optimization problem and perform numerical experiments with practical data set to validate the proposed local trading model and the algorithms.

Original language	English
Title of host publication	2015 IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	570-575
Number of pages	6
ISBN (Electronic)	9781467371315
DOIs	https://doi.org/10.1109/INFCOMW.2015.7179446
Publication status	Published - 4 Aug 2015
Event	IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015 - Hong Kong, Hong Kong Duration: 26 Apr 2015 → 1 May 2015

Publication series

Name	Proceedings - IEEE INFOCOM
Volume	2015-August
ISSN (Print)	0743-166X

Conference

Conference	IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015
Country/Territory	Hong Kong
City	Hong Kong
Period	26/04/15 → 1/05/15

Bibliographical note

Publisher Copyright:
© 2015 IEEE.

Access to Document

10.1109/INFCOMW.2015.7179446

Cite this

Wu, Y., Tan, X., Qian, L., & Tsang, D. H. K. (2015). Optimal management of local energy trading in future smart microgrid via pricing. In 2015 IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015 (pp. 570-575). Article 7179446 (Proceedings - IEEE INFOCOM; Vol. 2015-August). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/INFCOMW.2015.7179446

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title = "Optimal management of local energy trading in future smart microgrid via pricing",

abstract = "In this paper, we investigate optimal management of local energy trading in future smart micro-grid (SMG) via pricing. In SMG, energy consumers and providers, in addition to trading with utility company, can also perform local energy trading controlled by a local trading manager (LTM) for reaping benefits. We first quantify the benefits achieved by the consumers and providers from local trading and then formulate a two-layered optimization framework to investigate i) how the energy consumers and providers maximize their benefits via appropriately adjusting their local trading decisions in response to the LTM's pricing, and ii) how the LTM adjusts its price in local market to benefit the consumers and providers as much as possible while guaranteeing a required gain for itself. We propose two algorithms to solve the layered optimization problem and perform numerical experiments with practical data set to validate the proposed local trading model and the algorithms.",

author = "Yuan Wu and Xiaoqi Tan and Liping Qian and Tsang, \{Danny H.K.\}",

note = "Publisher Copyright: {\textcopyright} 2015 IEEE.; IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015 ; Conference date: 26-04-2015 Through 01-05-2015",

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Wu, Y, Tan, X, Qian, L & Tsang, DHK 2015, Optimal management of local energy trading in future smart microgrid via pricing. in 2015 IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015., 7179446, Proceedings - IEEE INFOCOM, vol. 2015-August, Institute of Electrical and Electronics Engineers Inc., pp. 570-575, IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015, Hong Kong, Hong Kong, 26/04/15. https://doi.org/10.1109/INFCOMW.2015.7179446

Optimal management of local energy trading in future smart microgrid via pricing. / Wu, Yuan; Tan, Xiaoqi; Qian, Liping et al.
2015 IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2015. Institute of Electrical and Electronics Engineers Inc., 2015. p. 570-575 7179446 (Proceedings - IEEE INFOCOM; Vol. 2015-August).

Research output: Chapter in Book/Conference Proceeding/Report › Conference Paper published in a book › peer-review

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AB - In this paper, we investigate optimal management of local energy trading in future smart micro-grid (SMG) via pricing. In SMG, energy consumers and providers, in addition to trading with utility company, can also perform local energy trading controlled by a local trading manager (LTM) for reaping benefits. We first quantify the benefits achieved by the consumers and providers from local trading and then formulate a two-layered optimization framework to investigate i) how the energy consumers and providers maximize their benefits via appropriately adjusting their local trading decisions in response to the LTM's pricing, and ii) how the LTM adjusts its price in local market to benefit the consumers and providers as much as possible while guaranteeing a required gain for itself. We propose two algorithms to solve the layered optimization problem and perform numerical experiments with practical data set to validate the proposed local trading model and the algorithms.

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Optimal management of local energy trading in future smart microgrid via pricing

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