A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices
This paper presents a customized local energy trading approach using a comprehensive set of performance indices (i.e. Community Savings, Self-Consumption, Self-Sufficiency, Fairness Index, Individual Household Savings) for evaluation of the trading practices. The simulations performed on historical...
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| Format: | Article |
| Language: | English |
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IEEE
2025-01-01
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| Series: | IEEE Access |
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| Online Access: | https://ieeexplore.ieee.org/document/10820333/ |
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| author | Smitali Patnaik Umit Cali Maciej A. Noras |
| author_facet | Smitali Patnaik Umit Cali Maciej A. Noras |
| author_sort | Smitali Patnaik |
| collection | DOAJ |
| description | This paper presents a customized local energy trading approach using a comprehensive set of performance indices (i.e. Community Savings, Self-Consumption, Self-Sufficiency, Fairness Index, Individual Household Savings) for evaluation of the trading practices. The simulations performed on historical data sets compared dispatch mechanisms based on Mixed Integer Linear Programming (MILP) and techniques originating from Auction-Based approaches. The intent was to use performance metrics in building Local Energy Market (LEM) trading solutions based on a given set of limited inputs and use them to optimize pricing or trading dispatch to get the best consumer returns. Modeling results indicate that the Auction-Based Model performed better than the MILP methods in terms of all performance indices and had potential to provide participants with higher levels of savings. |
| format | Article |
| id | doaj-art-44061a1c98b94e56892af02f567539c4 |
| institution | Kabale University |
| issn | 2169-3536 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj-art-44061a1c98b94e56892af02f567539c42025-01-21T00:02:01ZengIEEEIEEE Access2169-35362025-01-01139413942910.1109/ACCESS.2025.352561610820333A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance IndicesSmitali Patnaik0https://orcid.org/0009-0003-1490-6161Umit Cali1https://orcid.org/0000-0002-6402-0479Maciej A. Noras2https://orcid.org/0000-0002-6275-5690Department of Engineering Technology and Construction Management, The University of North Carolina at Charlotte, Charlotte, NC, USADepartment of Electric Power Engineering, Norwegian University of Science and Technology (NTNU), Trondheim, NorwayDepartment of Engineering Technology and Construction Management, The University of North Carolina at Charlotte, Charlotte, NC, USAThis paper presents a customized local energy trading approach using a comprehensive set of performance indices (i.e. Community Savings, Self-Consumption, Self-Sufficiency, Fairness Index, Individual Household Savings) for evaluation of the trading practices. The simulations performed on historical data sets compared dispatch mechanisms based on Mixed Integer Linear Programming (MILP) and techniques originating from Auction-Based approaches. The intent was to use performance metrics in building Local Energy Market (LEM) trading solutions based on a given set of limited inputs and use them to optimize pricing or trading dispatch to get the best consumer returns. Modeling results indicate that the Auction-Based Model performed better than the MILP methods in terms of all performance indices and had potential to provide participants with higher levels of savings.https://ieeexplore.ieee.org/document/10820333/Distributed energy resourcesmixed integer linear programmingauctionpeer-to-peer energy tradingoptimizationphotovoltaic |
| spellingShingle | Smitali Patnaik Umit Cali Maciej A. Noras A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices IEEE Access Distributed energy resources mixed integer linear programming auction peer-to-peer energy trading optimization photovoltaic |
| title | A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices |
| title_full | A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices |
| title_fullStr | A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices |
| title_full_unstemmed | A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices |
| title_short | A Customized Local Energy Trading Approach Using a Comprehensive Set of Performance Indices |
| title_sort | customized local energy trading approach using a comprehensive set of performance indices |
| topic | Distributed energy resources mixed integer linear programming auction peer-to-peer energy trading optimization photovoltaic |
| url | https://ieeexplore.ieee.org/document/10820333/ |
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