Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid
An auction-based single-sided bidding energy transaction mechanism in a grid-connected microgrid (MG) using a multi-agent system allows for better profit sharing for all stakeholders. This can replace existing bilateral contractual trade between the stakeholders. In the bilateral contractual energy...
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| Format: | Article |
| Language: | English |
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IEEE
2024-01-01
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| Series: | IEEE Access |
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| Online Access: | https://ieeexplore.ieee.org/document/10487918/ |
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| author | Hirekeri Malleshappa Manjunatha Garighatta Krishnaiah Purushothama Yashwanth Nanjappa Raghavendraprasad Deshpande |
| author_facet | Hirekeri Malleshappa Manjunatha Garighatta Krishnaiah Purushothama Yashwanth Nanjappa Raghavendraprasad Deshpande |
| author_sort | Hirekeri Malleshappa Manjunatha |
| collection | DOAJ |
| description | An auction-based single-sided bidding energy transaction mechanism in a grid-connected microgrid (MG) using a multi-agent system allows for better profit sharing for all stakeholders. This can replace existing bilateral contractual trade between the stakeholders. In the bilateral contractual energy trade model, energy transactions are either long-term, medium-term, or short-term agreements or bilateral negotiations between the stakeholders based on physical limits. Whereas in an auction-based mechanism, the energy transaction is in real time based on bidding strategies and supply-demand mismatches among the stakeholders. This work proposes a single-sided auction mechanism (SSAM) to clear the market based on the asking price of the seller and the supply-demand mismatch of the microgrid. In addition, the new two bidding algorithms, namely the linear bidding algorithm (LBA) and the fuzzy logic-based bidding algorithm (FLBA), are developed for sellers to select the ‘ask’ quotes. The proposed auction-based, single-sided bidding energy transaction mechanism is tested and validated in the existing Malnad College of Engineering (MCE) grid-tied MG (bilateral contractual) trading model, Hassan-573201, Karnataka, India. The energy market simulation results yield promising findings, highlighting the advancement of proposed SSAM and bidding strategies in boosting the profit margin of sellers. |
| first_indexed | 2024-04-24T12:00:33Z |
| format | Article |
| id | doaj.art-26faae8f9d2141b1a7223c1daae3be37 |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-04-24T12:00:33Z |
| publishDate | 2024-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-26faae8f9d2141b1a7223c1daae3be372024-04-08T23:00:32ZengIEEEIEEE Access2169-35362024-01-0112489754898610.1109/ACCESS.2024.338409210487918Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied MicrogridHirekeri Malleshappa Manjunatha0https://orcid.org/0000-0001-6651-7131Garighatta Krishnaiah Purushothama1Yashwanth Nanjappa2https://orcid.org/0000-0002-4063-0790Raghavendraprasad Deshpande3Department of Electrical and Electronics Engineering, Bapuji Institute of Engineering and Technology, Davanagerey, Karnataka, IndiaDepartment of Electrical and Electronics Engineering, Malnad College of Engineering, Hassan, Karnataka, IndiaDepartment of Electronics and Communication Engineering, Manipal Academy of Higher Education, Manipal Institute of Technology, Manipal, Karnataka, IndiaDepartment of Electrical and Electronics Engineering, GSSSIETW, Mysuru, Karnataka, IndiaAn auction-based single-sided bidding energy transaction mechanism in a grid-connected microgrid (MG) using a multi-agent system allows for better profit sharing for all stakeholders. This can replace existing bilateral contractual trade between the stakeholders. In the bilateral contractual energy trade model, energy transactions are either long-term, medium-term, or short-term agreements or bilateral negotiations between the stakeholders based on physical limits. Whereas in an auction-based mechanism, the energy transaction is in real time based on bidding strategies and supply-demand mismatches among the stakeholders. This work proposes a single-sided auction mechanism (SSAM) to clear the market based on the asking price of the seller and the supply-demand mismatch of the microgrid. In addition, the new two bidding algorithms, namely the linear bidding algorithm (LBA) and the fuzzy logic-based bidding algorithm (FLBA), are developed for sellers to select the ‘ask’ quotes. The proposed auction-based, single-sided bidding energy transaction mechanism is tested and validated in the existing Malnad College of Engineering (MCE) grid-tied MG (bilateral contractual) trading model, Hassan-573201, Karnataka, India. The energy market simulation results yield promising findings, highlighting the advancement of proposed SSAM and bidding strategies in boosting the profit margin of sellers.https://ieeexplore.ieee.org/document/10487918/Microgridmulti-agent systembidding strategiesenergy trading |
| spellingShingle | Hirekeri Malleshappa Manjunatha Garighatta Krishnaiah Purushothama Yashwanth Nanjappa Raghavendraprasad Deshpande Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid IEEE Access Microgrid multi-agent system bidding strategies energy trading |
| title | Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid |
| title_full | Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid |
| title_fullStr | Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid |
| title_full_unstemmed | Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid |
| title_short | Auction-Based Single-Sided Bidding Electricity Market: An Alternative to the Bilateral Contractual Energy Trading Model in a Grid-Tied Microgrid |
| title_sort | auction based single sided bidding electricity market an alternative to the bilateral contractual energy trading model in a grid tied microgrid |
| topic | Microgrid multi-agent system bidding strategies energy trading |
| url | https://ieeexplore.ieee.org/document/10487918/ |
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