A comparison study on trading behavior and profit distribution in local energy transaction games

Chen, Yang; Park, Byungkwon; Kou, Xiao; Hu, Mengqi; Dong, Jin; Li, Fangxing; Amasyali, Kadir; Olama, Mohammed

doi:10.1016/j.apenergy.2020.115941

Title: A comparison study on trading behavior and profit distribution in local energy transaction games

Abstract

With the increasing integration of distributed energy resources, localized peer-to-peer energy transactions are receiving more attention since they could absorb more distributed renewables locally and stabilize the power grid. To better study the trading behavior and provide guidance for a viable local market design, different game-theoretical frameworks including cooperative and non-cooperative games are established and compared here. For the cooperative grand coalition, the maximum social welfare is guaranteed, the Shapley value and bargaining based approaches are implemented for further profit redistribution. It is shown that the asymmetrical bargaining power can be critical in the final payment clearing and it is equivalent to the Shapley value allocation if prosumers bargain based on their marginal contributions. Non-cooperative trading is formulated by using a Stackelberg bilevel model in which the upper level has the privilege in internal price setting. However, system optimum is not obtained due to competition, and the selfish leader could take away 89% of the collective benefit by price-gap based arbitraging. Aiming for a long-lasting trading market, a virtual benevolent leader and a uniform price structure in which purchase price equals selling price are tested. Experimental results indicate that maximum social welfare and a fairer profit allocation can be achievedmore »« less

Authors:

^[1];

^[1]; Kou, Xiao ^[2]; Hu, Mengqi ^[3];

^[1];

^[2];

^[1];

^[1]

Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
Univ. of Tennessee, Knoxville, TN (United States)
Univ. of Illinois, Chicago, IL (United States)

Publication Date:: Fri Oct 16 00:00:00 EDT 2020

Research Org.:: Oak Ridge National Laboratory (ORNL), Oak Ridge, TN (United States)

Sponsoring Org.:: USDOE Office of Energy Efficiency and Renewable Energy (EERE)

OSTI Identifier:: 1731050

Alternate Identifier(s):: OSTI ID: 2325215

Grant/Contract Number:: AC05-00OR22725

Resource Type:: Accepted Manuscript

Journal Name:: Applied Energy

Additional Journal Information:: Journal Volume: 280; Journal ID: ISSN 0306-2619

Publisher:: Elsevier

Country of Publication:: United States

Language:: English

Subject:: 29 ENERGY PLANNING, POLICY, AND ECONOMY; local energy trading; Shapley value; Nash bargaining; non-cooperative game; bi-level optimization; benefit distribution

Citation Formats


                    Chen, Yang, Park, Byungkwon, Kou, Xiao, Hu, Mengqi, Dong, Jin, Li, Fangxing, Amasyali, Kadir, and Olama, Mohammed. A comparison study on trading behavior and profit distribution in local energy transaction games.  United States: N. p., 2020. 
Web.  doi:10.1016/j.apenergy.2020.115941.

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                    Chen, Yang, Park, Byungkwon, Kou, Xiao, Hu, Mengqi, Dong, Jin, Li, Fangxing, Amasyali, Kadir, & Olama, Mohammed. A comparison study on trading behavior and profit distribution in local energy transaction games.  United States.  https://doi.org/10.1016/j.apenergy.2020.115941

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                    Chen, Yang, Park, Byungkwon, Kou, Xiao, Hu, Mengqi, Dong, Jin, Li, Fangxing, Amasyali, Kadir, and Olama, Mohammed. Fri .  
"A comparison study on trading behavior and profit distribution in local energy transaction games".  United States.  https://doi.org/10.1016/j.apenergy.2020.115941.  https://www.osti.gov/servlets/purl/1731050.

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@article{osti_1731050,

  title        = {A comparison study on trading behavior and profit distribution in local energy transaction games},

  author       = {Chen, Yang and Park, Byungkwon and Kou, Xiao and Hu, Mengqi and Dong, Jin and Li, Fangxing and Amasyali, Kadir and Olama, Mohammed},

  abstractNote = {With the increasing integration of distributed energy resources, localized peer-to-peer energy transactions are receiving more attention since they could absorb more distributed renewables locally and stabilize the power grid. To better study the trading behavior and provide guidance for a viable local market design, different game-theoretical frameworks including cooperative and non-cooperative games are established and compared here. For the cooperative grand coalition, the maximum social welfare is guaranteed, the Shapley value and bargaining based approaches are implemented for further profit redistribution. It is shown that the asymmetrical bargaining power can be critical in the final payment clearing and it is equivalent to the Shapley value allocation if prosumers bargain based on their marginal contributions. Non-cooperative trading is formulated by using a Stackelberg bilevel model in which the upper level has the privilege in internal price setting. However, system optimum is not obtained due to competition, and the selfish leader could take away 89% of the collective benefit by price-gap based arbitraging. Aiming for a long-lasting trading market, a virtual benevolent leader and a uniform price structure in which purchase price equals selling price are tested. Experimental results indicate that maximum social welfare and a fairer profit allocation can be achieved with a uniform price structure, regardless of the selfish or benevolent attitude.},

  doi          = {10.1016/j.apenergy.2020.115941},

  journal      = {Applied Energy},

  number       = ,

  volume       = 280,

  place        = {United States},

  year         = {Fri Oct 16 00:00:00 EDT 2020},

  month        = {Fri Oct 16 00:00:00 EDT 2020}

}

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Title: A comparison study on trading behavior and profit distribution in local energy transaction games

Abstract

Citation Formats

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